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Francis is at the point of that spear.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:34.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59a76fa7-a29e-4628-ba30-7498eef3e810", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.06, "y": 0.53 }, "kind": "quote", "text": "In retrospect, it would have been better to wait and realize that the market was sizzling hot at the time and therefore it was overpriced.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:34.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4525d10-86c0-4489-a256-caf937bc205d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.06, "y": 0.42 }, "kind": "quote", "text": "...operationally it had not gone the way management had hoped. It is a huge disappointment and investors want it spun back out.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:34.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd72a87d-c5fd-4092-8084-03aee1039d38", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "Source: Jamie Smyth. “Has Illumina taken the wrong path in its Grail quest?” Financial Times. 1/29/2023", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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GOLDMAN WAS ON BOTH SIDES OF THE DEAL AND INSIDERS QUICKLY SOLD STOCK.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:35.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "451da6ff-d4a7-4b2e-8a16-9d15e7ca7f2e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.0028 }, "kind": "list", "text": "Conflicted Early Investors and Chairman: GRAIL was spun-off and raised capital at low valuations only to be acquired a few years later for $10BN, handing profit windfalls to the early investors, including billionaires, institutions and related parties. Is it possible the board was unaware of significant conflicts, including Chair Thompson’s relationship with a billionaire investor in GRAIL?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:35.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02b2c024-b853-431f-8f81-635bde732bd9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.0068 }, "kind": "list", "text": "Fairness Opinions: GRAIL received a fairness opinion for the sale, but ILMN did not despite the unusually large number of conflicts. How does that make any sense?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:35.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "077704d4-796e-4961-b085-ca4aaf054b04", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.0044 }, "kind": "list", "text": "Related Parties: 4 of the 10 GRAIL directors had longstanding ties to ILMN including two former ILMN directors, one former chief medical officer and one current chief technology officer. What role did the personal relationships play in the deal?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 11:59:35.033+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd85a4a5-d305-49f7-9ec1-8a3e8b1eac38", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.0076 }, "kind": "list", "text": "Insider Dumping Stock: ILMN’s current CTO, Alex Aravanis, was a founder of GRAIL. He was poached by CEO deSouza four months before the GRAIL acquisition was announced. When the deal closed, Aravanis sold $5M of stock, which was 100% of the equity he received as part of the acquisition. 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ICAHN AND HIS AFFILIATES FROM THE STOCKHOLDERS OF ILLUMINA, INC. (\"ILLUMINA\") FOR USE AT ITS 2023 ANNUAL MEETING OF STOCKHOLDERS. STOCKHOLDERS OF ILLUMINA ARE ADVISED TO READ THE PROXY STATEMENT AND RELATED MATERIALS CAREFULLY AND, IN THEIR ENTIRETY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATED TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. 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