By Foo Yun Chee

LUXEMBOURG (Reuters) – U.S. life sciences company Illumina on Thursday criticised EU antitrust regulators for scrutinising its $8 billion cash-and-stock takeover of Grail even though the cancer detection test maker has no activities in Europe.

Illumina (NASDAQ) stated that the Commission’s decision by the General Court to examine the agreement via an uncommonly used power was a worrying change in the company’s policy.

The Commission should inform businesses if it intends to fundamentally change its policy. Daniel Beard stated, “Think about business certainty.”

Nicholas Khan, the lawyer representing the Commission said Illumina was inconsistent with his arguments. Javier Ruiz Calzado for Grail however was as harsh.

Judges were told by him that “the Commission has made Copernican changes in policy.” He said the change was likely to hurt European venture capitalists and start-ups.

Margrethe Vestager (EU antitrust chief) wants to increase her ability to investigate acquisitions of start ups by big corporations in an effort to endanger nascent competition.

Critics worry about overreach, while national competition agencies fear a power grab from the EU executive. The Commission said that the Illumina case was taken up by the Commission at Belgium’s request.

Following a Commission order to seek its approval for the deal, Illumina complied but also launched litigation against the EU executive.

Illumina upset the Commission by completing the purchase in August without waiting to get the green light. This resulted in Grail being kept separate so that independent managers could run the business until the EU decides.

Unveiled last September, the deal would allow Illumina to access Grail’s Galleri blood tests, used for early detection of cancers.

It is probable that a judgement will be delivered next year.

The case is T-227/21 Illumina v Commission.