05:11 PM EDT, 06/24/2024 (MT Newswires) -- Illumina ( ILMN ) late Monday said it has successfully spun off its former Grail cancer diagnostics unit into a stand-alone public company that will trade under the ticker GRAL starting Tuesday.

As part of the companies' agreement, Illumina ( ILMN ) also retaining a 14.5% minority stake in Grail. The company also entered and fully drew the $750 million under a 364-day delayed draw credit agreement. The proceeds, together with cash, were used to fund cash to Grail's balance sheet.

Illumina ( ILMN ) will release pro-forma financial information later this week reflecting the separation. It also plans to post supplemental non-GAAP information on its investor relations website.

Grail, meanwhile, said it sold more than 180,000 of its tests during the first three months of 2024 in addition to launching more than 100 commercial partnerships.