Illumina (Nasdaq: ILMN) — the DNA sequencing and array-based tech developer — has tapped an Agilent Technologies executive as its new CEO as it seeks to move beyond regulatory scrutiny of its acquisition of Grail.
Jacob Thaysen, an Agilent Technologies SVP and president of its Life Sciences and Applied Markets Group, takes over Illumina’s corner office on Sept. 25. Charles Dadswell, Illumina’s interim CEO, will resume his position as SVP and general counsel once Thaysen becomes CEO.
“After conducting a robust search process, we are thrilled to have found someone of Jacob’s caliber to become chief executive of Illumina and help shape and lead the company into its next phase of growth,” said Hologic CEO Stephen P. MacMillan, who is chair of Illumina’s board.
Illumina described Thaysen as having a long history in clinical – specifically oncology – diagnostics, as well as experience in manufacturing, sales, research and development, and innovation. Since 2018, he has overseen the unit responsible for Agilent’s analytical instrument portfolio, informatics, and cell analysis franchise. During that time, he helped boost the division’s revenue to roughly $4 billion a year, according to Illumina. He also significantly improved its operating profit, with an operating margin of approximately 30%.
“Jacob’s unique combination of deep technological and commercial experience will be a great addition to Illumina. The Board is excited to work with Jacob. He brings a fresh perspective, a demonstrated track record driving profitable growth, and a strong commitment to create value for all of Illumina’s stakeholders,” MacMillan said in a news release.
Thaysen said he plans to hit the ground running. “Illumina’s technology is at the forefront of sequencing and has set the pace for the industry. … Together, we will continue serving our customers as the industry standard and driving long-term value for our shareholders and other stakeholders.”
Illumina seeks to move beyond its Grail acquisition challenges
Thayer is joining Illumina about three months after Francis deSouza resigned as CEO amid criticism and regulatory scrutiny over how Illumina management handled its $7.1 billion acquisition of cancer test maker Grail. The Grail acquisition challenges helped enable activist investor Carl Icahn’s nominee to successfully knock out previous board chair John Thompson in a shareholder vote.
The European Commission fined the company approximately $478.9 million (€432 million) for completing the merger in August 2021 before the Commission had weighed in on whether the deal was anti-competitive. Within weeks of the deal closing, the European Commission deemed that it was anti-competitive.
The company is also appealing a U.S. Federal Trade Commission order to divest Grail.
In an Aug. 10 SEC filing, Illumina disclosed that the SEC has requested documents and communications related to the Grail deal.
Regulators have expressed concern that the merger will hurt competition and innovation around multi-cancer early detection tests.