The company said it has reached an agreement with the European Commission on specific divestment options, but the method has not been finalised.

Illumina founded Grail and spun it off in 2016, but re-acquired it in 2021 for $7.1 billion to enter the cancer early-detection market, before first securing EU regulatory approval.

That prompted the commission, which acts as the competition enforcer in the 27-country European Union, to order the company to keep Grail separate from Illumina.

Its subsequent investigation resulted in a 432 million euro ($459.48 million) fine for Illumina and an order to sell Grail.

The EU watchdog again vetoed the deal in 2022, saying it would stifle innovation and reduce choice in the emerging market for blood-based early cancer detection tests.

San Diego-based Illumina said it was exploring options to divest Grail and the final terms would be settled by the second quarter of 2024.