The breakup with GRAIL (GRAL) was costly for Illumina (ILMN).

The gene sequencing company wrote in a regulatory filing Thursday that it would take a $1.47 billion goodwill 澳洲幸运5官方开奖结果体彩网:impairment charge in the second quarter related to 澳洲幸运5官方开奖结果体彩网:its spinoff of the provider of cancer diagnostic tests. Illumina estimated an additional $420 million charge related to GRAIL's in-process research and development (IPR&D). It added that it doesn’t expect “any material future cash expenditures related to these impairments.”

Illumina completed the divestiture of Grail earlier this week after announcing last December it would do so.

Illumina's Controversial Marriage With GRAIL

The Illumina-GRAIL marriage had been mired in 澳洲幸运5官方开奖结果体彩网:controversy for years. After spinning off GRAIL in 2016, Illumi✃na repurchased it in September 2020 for $8 billion. However, it closed the deal in August 2021 before getting regulatory approval, which led to a protracted legal battle.

Last year, activist investor Carl Icahn launched a 澳洲幸运5官方开奖结果体彩网:proxy fight against Illumina, charging the board with "ill-advised (and frankly inexplicable) actions" in the GRAIL purchase. He threatened a second, but reports say he eventually stepped back.

Shares of Illumina were down 0.7% at $105.75 as of about 11 a.m. ET Friday. They have lost about three-quarters of their value since the GRAIL purchase, and remain more than 20% lower year-to-date. GRAIL shares were little changed at $15.17.