US-based biotechnology company Illumina is in talks to acquire cancer blood test developer Grail.
Illumina is likely to pay more than $8bn for Grail, which is valued at approximately $6bn from its previous fundraisings, Bloomberg reported.
According to the regulatory filings, Grail has raised over $1.9bn.
The companies are expected to announce the deal this week. However, the sources said that no final decision has been made regarding the deal and talks may not proceed.
The companies have not responded to the publication’s requests for comment.
Genetic sequencing specialist Illumina holds nearly 15% stake in Grail, which was established as the company’s subsidiary in 2015.