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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 37 slides",
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      "text": "ILMN’S DESIRE TO OWN GRAIL AT ALL COSTS HAS DESTROYED $50 BILLION OF SHAREHOLDER VALUE.",
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      "text": "In September 2020, only four years later, ILMN’s CEO Francis deSouza announced a deal to reacquire GRAIL for $8 billion (handing a $6-7 billion windfall to the billionaires) despite GRAIL not having received FDA approval, rising public doubt of GRAIL’s potential, and GRAIL’s increasing operating losses",
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      "text": "ILMN created a division, GRAIL, to produce an early-stage cancer detection test. In 2016, GRAIL was spun-out and raised outside capital from billionaires and institutions at a valuation of $1-2 billion",
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      "text": "ILMN’s announcement to buy GRAIL was questionable at best, but CEO deSouza’s much more egregious and inexplicable decision was to have Illumina actually close the GRAIL deal despite being informed by the EU that ILMN was not permitted to close the deal. The EU also stated that, if ILMN closed the deal over the EU’s objection, ILMN would be subject up to $450 million of fines, GRAIL must be run without any input whatsoever from ILMN, but ILMN would still be forced to fund GRAIL’s operating losses, including ~$800 million in 2023 alone",
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