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Illumina reaffirms commitment to shareholder value and addresses Carl Icahn's statements

DEF 14 Inc. March 21, 2023

Illumina, a leading provider of genetic sequencing and analysis solutions, has recently issued a press release in response to activist investor Carl Icahn's criticism of the company's management and strategy. Icahn had expressed concerns over Illumina's recent performance and called for changes to its board of directors and business strategy.

In its response, Illumina emphasized its commitment to creating value for shareholders, highlighting its strong financial performance and growth prospects. The company noted that it had delivered a total shareholder return of 121% over the past five years, significantly outperforming both the S&P 500 and the NASDAQ Biotechnology Index.

Illumina also defended its strategic direction, pointing to its recent acquisition of Grail, a leading developer of early cancer detection tests, as evidence of its commitment to driving innovation and growth. The company noted that the acquisition would expand its addressable market and provide significant long-term value to shareholders.

In addition, Illumina addressed Icahn's specific concerns over its board composition, noting that it had recently added three new independent directors with relevant experience in the life sciences and technology industries. The company also highlighted its strong corporate governance practices, including its rigorous executive compensation policies and annual board evaluations.

Overall, Illumina's response reflects its confidence in its current strategy and its ability to continue delivering strong results for shareholders. While Icahn's criticisms may represent a potential challenge to the company's leadership, Illumina's management appears committed to addressing any concerns and maintaining its position as a leader in the genetic sequencing and analysis industry.

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