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Search resuls for: "Francis DeSouza"


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☆ Illumina CEO Francis deSouza on Q1 earnings, Grail acquisition
  + stars: | 2023-04-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIllumina CEO Francis deSouza on Q1 earnings, Grail acquisitionIllumina CEO Francis deSouza joins 'Squawk Box' to discuss Q1 earnings results, the company's Grail acquisition challenge, the future of DNA sequencing, and more.
☆ Watch CNBC's full interview with Illumina CEO Francis deSouza
  + stars: | 2023-04-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Illumina CEO Francis deSouzaIllumina CEO Francis deSouza joins 'Squawk Box' to discuss Q1 earnings results, the company's Grail acquisition challenge, the future of DNA sequencing, and more.
☆ Illumina CEO touts Grail’s 100% revenue growth amid proxy fight with Icahn
  + stars: | 2023-04-26 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +2 min
Illumina CEO Francis deSouza on Wednesday touted the company's controversial acquisition of Grail after revenue from the cancer test developer doubled in the last year. The Grail deal is the focus of a heated proxy fight between Illumina and activist investor Carl Icahn. Antitrust regulators in the U.S. and Europe have also ordered Illumina to divest the $7.1 billion acquisition Illumina completed in 2021. He added that the Grail deal "makes sense" for Illumina because the company can significantly expand the market for the test. But Icahn, who owns a 1.4% stake in Illumina, has called the Grail deal "disastrous" and "a new low in corporate governance."
☆ Illumina unveils plans to cut costs as it faces shrinking margins
  + stars: | 2023-04-25 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +3 min
A building on the campus at the world headquarters of Illumina is shown in San Diego, California, September 1, 2021. Illumina on Tuesday unveiled plans to cut costs in a bid to improve the DNA sequencing company's shrinking margins. Among Illumina's plans is to use its NovaSeq X sequencing system to accelerate genomic discoveries. The San Diego-based company said it also plans to save by "enabling activities" in more cost-effective areas around the world. The Grail deal is also the focus of a proxy fight between activist investor Carl Icahn and Illumina.
☆ FTC orders Illumina to divest $7.1 billion acquisition of cancer test developer Grail
  + stars: | 2023-04-03 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +3 min
The Federal Trade Commission on Monday ordered Illumina to divest its controversial acquisition of cancer test developer Grail, saying the deal would stifle competition and innovation. The decision reverses an administrative judge's September ruling, which dismissed the FTC's initial challenge to the $7.1 billion deal. Illumina said in a statement that it intends to appeal the FTC's decision in federal court and will seek an expedited decision. "The acquisition of GRAIL potentially gives Illumina incentives to favor GRAIL over its rivals by providing GRAIL preferential access or preferential terms for acquiring NGS inputs," the FTC said. Illumina also "stands to earn substantially more profit on the sale of GRAIL tests than it does by supporting rival test developers," the commission added.
☆ Carl Icahn blasts Illumina for nearly doubling CEO’s pay despite steep drop in market value
  + stars: | 2023-03-31 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +1 min
Carl Icahn blasted Illumina for nearly doubling its CEO's pay last year despite a dramatic drop in the biotech company's market value since closing a controversial deal. He was awarded nearly $26.8 million in total pay last year, nearly double the $14.3 million he received in 2021, according to a preliminary proxy statement Illumina filed Thursday. Part of deSouza's pay bump is a special grant of stock options worth $12.5 million, which Illumina called a "meaningful retention incentive in a highly competitive talent environment." DeSouza's pay increase follows a rocky 18 months for San Diego-based Illumina. The company's market value has fallen to roughly $35 billion from about $75 billion in August 2021, the month it closed its acquisition of cancer test developer Grail.
☆ Carl Icahn wants to bring back Illumina's ex-CEO 'immediately' as proxy fight intensifies
  + stars: | 2023-03-29 | by ( Annika Kim Constantino | ) www.cnbc.com   time to read: +2 min
Carl Icahn on Wednesday said Illumina should bring back its former CEO "immediately," his latest move in a brewing proxy fight with the biotech company. Flatley helmed the company for 17 years before he was succeeded by current CEO Francis deSouza in 2016. Icahn, who owns a 1.4% stake in Illumina, lambasted the company's current management in the interview. He told the Journal that executives are making the mistake of holding onto Illumina's $7.1 billion acquisition of cancer test developer Grail in 2021. He told the Journal that Illumina can't afford to keep Grail under current macroeconomic conditions.
☆ Illumina Should Heed Carl Icahn, Give Up on Grail
  + stars: | 2023-03-17 | by ( David Wainer | ) www.wsj.com   time to read: 1 min
Activist investor Carl Icahn said that he favors Illumina’s divestiture of Grail. Many of Illumina’s shareholders have grown increasingly frustrated with Chief Executive Francis deSouza’s pursuit of Grail. Grail lost about $600 million last year, cutting into Illumina’s profit. On top of that, the company has set aside $453 million for fines it might incur from European regulators for closing the deal before obtaining regulatory clearance. Illumina has taken a $3.9 billion write-down to reflect that possibility.
☆ Illumina Should Heed Carl Icahn, Give Up on ‘Holy’ Grail
  + stars: | 2023-03-17 | by ( David Wainer | ) www.wsj.com   time to read: 1 min
Activist investor Carl Icahn said that he favors Illumina’s divestiture of Grail. Many of Illumina’s shareholders have grown increasingly frustrated with Chief Executive Francis deSouza’s pursuit of Grail. Grail lost about $600 million last year, cutting into Illumina’s profit. On top of that, the company has set aside $453 million for fines it might incur from European regulators for closing the deal before obtaining regulatory clearance. Illumina has taken a $3.9 billion write-down to reflect that possibility.
☆ Illumina CEO: Genomics in children's hospitals will be the biggest part of the market
  + stars: | 2023-01-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIllumina CEO: Genomics in children's hospitals will be the biggest part of the marketFrancis Desouza, Illumina CEO and Disney board member, joins 'Squawk Box' to discuss the future of gene sequencing and what Illumina is doing, the promise behind Illumina's GRAIL and more.
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