ARTICLE | Financial News

Grail seeking $1B series B round

January 6, 2017 12:57 AM UTC

Cancer diagnostic company Grail Inc. (Redwood City, Calif.) said undisclosed private and strategic investors have shown interest in participating in its planned $1 billion series B round. Grail hired Goldman Sachs as a placement agent, and expects the round to close by this quarter.

Grail said Illumina Inc. (NASDAQ: ILMN), which spun out Grail in January 2016, will amend the companies' supply and commercialization relationship to become "market-based," making Grail an Illumina customer. Illumina will no longer be represented on Grail's board, and its ownership of Grail will become less than 20% (see BioCentury, Jan. 18, 2016)...