FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview in New York(Reuters) - Activist investor Carl Icahn is preparing a proxy fight at Illumina Inc, arguing that the life science maker's acquisition of Grail Inc cost its shareholders roughly $50 billion, the Wall Street Journal reported on Sunday. Illumina completed a takeover of cancer-detection test maker Grail in August 2021, without securing regulatory approval from the European Union. Icahn plans to nominate three people to Illumina's board, the WSJ report said, citing a letter the billionaire plans to send to the shareholders on Monday. Icahn wrote that he tried to strike a deal with Illumina to avoid a proxy battle. Illumina declined to comment on the report while Carl Icahn did not immediately respond to a Reuters request for comment.

Source: Wall Street Journal March 13, 2023 02:26 UTC