09:39 AM EDT, 03/21/2024 (MT Newswires) -- Illumina's ( ILMN ) shares rose more than 5% in recent trading on Thursday after an adviser to Europe's top court issued an opinion suggesting that European Union antitrust regulators overstepped their authority when they blocked the US gene sequencing company's $7.1 billion bid for Grail.

Court of Justice of the European Union advocate-general Nicholas Emiliou's opinion stated that a lower court's opinion affirming the EU's jurisdiction over the case should be set aside. That opinion must now be considered by judges in the Luxembourg-based court.

Illumina ( ILMN ) said in an emailed comment to MT Newswires that it agrees with Emiliou that the European Commission's "assertion of jurisdiction over this merger was improper." A spokesperson for the company said "developments in this case will not delay the ongoing process of divesting Grail, with the goal of finalizing the divestment terms by the end of the second quarter of 2024."

Regulators attempted to veto the 2021 deal for Illumina ( ILMN ) and roll it back even though it was below the revenue threshold that fell under their authority, Reuters reported.

Price: 141.01, Change: +7.82, Percent Change: +5.87