Spin-offs/Illumina, Inc. → GRAIL, Inc.

GRAIL, Inc.GRAL

Spin-off from Illumina, Inc. (ILMN) · Jun 24, 2024 · Nasdaq

Announced

Dec 17, 2023

Form 10 filed

May 6, 2024

Record date

—

Distributed

Jun 24, 2024

Ratio

1 : 6

Debt loaded

—

Cash to parent

—

Latest filing

Jun 3, 2024

one share of GRAIL for every six shares of Illumina; at least 85.5% of Illumina's GRAIL shares distributed

Documents

Form 10 Information statement New company filings Parent filings

Both companies today

The new company

GRAIL, Inc.GRAL

Market cap

$2.95B

Moat

None

Quality

Price

$80.34

Fair value

—

Price / FV

—

The parent

Illumina, Inc.ILMN

Market cap

$33.8B

Moat

Narrow

Quality

Price

$218.22

Fair value

$156.05

Price / FV

1.36×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

GRAIL is a commercial-stage healthcare company focused on early cancer detection; its Galleri blood test screens for many types of cancer with a single test.

Stated rationaleIllumina divested GRAIL after regulators required it to unwind the 2021 acquisition; the spin-off returned GRAIL to independence, funded by Illumina.

The four questions

The four-question write-up for GRAIL, Inc. is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.