Introduction to the Contemporary Critique — Illumina and Grail merger.

The article discusses the Illumina and Grail merger and its implications for competition law. The authors highlight the aggressive turn in merger control enforcement, with enforcers challenging transactions and proposing more forward-looking theories of harm. In the US, Illumina and Grail are challenging an order from the Federal Trade Commission (FTC) to unwind their deal, raising questions about the constitutionality of the FTC's internal mechanics. Economists argue that the FTC's reasoning for the order makes little sense and advocate for a cautious approach to enforcement standards. In the EU, the article explores the implications of the Illumina/Grail ruling and another landmark judgment, Towercast, in revamping the system to deal with killer acquisitions. The authors suggest that these judgments may make merger practice more challenging and less predictable, potentially leading to a rationalization of public enforcement capacity. [Extracted from the article]