TIMELINE-Rocky history of Illumina's Grail deal

(Updates with latest developments) Dec 18 (Reuters) - Gene sequencing company Illumina will divest cancer diagnostic test maker Grail after a more than two-year battle with antitrust enforcers. Illumina closed the acquisition of Grail in 2021, before European regulators could complete their antitrust review, resulting in a hefty fine of 432 million euros ($471 million). The deal also came under pressure from billionaire investor Carl Icahn, who sued Illumina in October for allegedly breaching its fiduciary duties. The following is a chronology of events in the Illumina-Grail deal: DATE DEVELOPMENT Jan. 10, Illumina spins off Grail as a new company 2016 Sept. 21, Illumina says it will re-acquire 2020 the cancer detection test maker for $7.1 billion July 13, The deal faces a full-scale EU antitrust probe 2021 Aug. 18, Illumina completes the acquisition for $8 2021 billion; European regulators say they will investigate if Illumina breached an obligation that requires companies to wait for approval before closure of deals Aug. 24, The U.S. FTC seeks to undo the deal, alleging it 2021 would harm innovation and boost prices Oct. 29, EU orders Illumina to keep Grail as 2021 a separate company Dec. 16, Illumina criticizes EU antitrust 2021 regulators for scrutinizing the deal even though Grail has no business operations in Europe Jan. 25, EU antitrust regulators extend the deadline for 2022 their decision on the deal Jan. 28, Illumina offers to cut prices and continue to 2022 allow rivals access to its technologies in a bid to allay EU antitrust concerns Feb. 4, EU antitrust regulators temporarily pause for 2022 the second time their investigation into the deal, while waiting for the companies to provide details July 13, The company loses its challenge in Europe's 2022 second-highest court against antitrust scrutiny July 19, EU says Illumina risks hefty fine for jumping 2022 the gun on Grail deal Sept. 1, A U.S. administrative judge rules in favor of 2022 the deal, in a blow to the FTC, which says it will appeal Oct. 28, EU antitrust regulators renew interim measures 2022 that were due to expire by end of October by ordering Illumina to keep Grail as a separate entity Dec. 13, Illumina defends the deal, pledging to keep 2022 selling its DNA sequencing services to other firms, as it seeks to head off a potential vote by U.S. antitrust regulators to kill the deal Jan. 10, Illumina challenges the EU antitrust 2023 order to keep biotech firm Grail separate, ratcheting up its fight against the bloc's regulators Feb. 8, The company takes its case to senior EU and 2023 national antitrust officials at a closed hearing to argue an antitrust order to divest Grail March 13, Billionaire investor Carl Icahn launches proxy 2023 fight at Illumina and pushes for three board seats, criticizing the deal April 3, The FTC orders Illumina to divest Grail, finding 2023 that the deal would stifle competition in the U.S. market for cancer tests April 19, A U.S. appeals court says it will accelerate 2023 reviewing Illumina's challenge to the FTC order May 25, Carl Icahn secures a seat for one of his three 2023 nominees on Illumina's board, a partial victory for the activist investor June 2, Illumina says it has expanded its board, adding 2023 two C-suite executives June 5, Illumina files an appeal against the FTC's 2023 order, arguing that the agency "violated due process by depriving Illumina and Grail of a fair proceeding before an impartial tribunal" June 11, Illumina CEO Francis deSouza steps down, and the 2023 company names General Counsel Charles Dadswell as interim CEO July 12, EU fines record $476 million antitrust penalty 2023 U.S. securities regulator August probes 11, 2023 Illumina over Grail deal Illumina October says 11, 2023 it will divest cancer test maker Grail if it loses US or EU court appeal Illumina October ordered 12, 2023 by EU antitrust regulators to sell Grail Activist investor Carl Icahn October sues 18, 2023 Illumina board for violating 'fiduciary duties' Illumina files December registration statement for 11, 2023 potential Grail divestiture A U.S. appeals court strikes down December FTC order against Illumina's 15, 2023 purchase of Grail, but also says the agency had substantial evidence to show the deal would lessen competition Illumina says December it will divest Grail, either 17, 2023 through a sale or capital markets transaction. Terms are expected to be finalized by the second quarter of 2024 Sources: Company statements, Reuters reports (Reporting by Sriparna Roy and Pratik Jain in Bengaluru; Editing by Paul Simao, Sriraj Kalluvila and Arun Koyyur)