Activist Investor Sells Portions of Illumina Shares at Peak

On May 7 and 11, Corvex Management—led by activist investor Keith A. Meister—converted its Illumina, Inc. (ILMN) common‐stock swap positions into about 3.9 million actual shares at $102.82 per share. At the same time, it partially unwound swaps tied to higher market prices to generate cash. On May 12, Corvex effectively bought another 255,000 shares at the same strike price, then over May 13–14 sold more than 320,000 shares on the open market at $144–148 per share, securing roughly $47–48 million (about KRW 60–65 billion). After these trades, its indirect holding fell to approximately 3.5 million shares. Meister and Corvex retain an option to acquire the remaining 24,000‐share swap position at $102.82 per share through February 11, 2028, but they do not claim beneficial ownership beyond this economic interest.

Illumina’s Q1 FY2026 results showed improved profitability and cash flow. Its FDA-approved comprehensive tumor‐genomic test, TruSight Oncology Comprehensive, became Medicare‐reimbursed in the U.S. as of January 1, broadening its diagnostics revenue base. On the regulatory front, Grail—Illumina’s former subsidiary and once the focus of M&A disputes—has filed a €33 million damages claim against the European Commission over allegedly unlawful review and rejection decisions, indicating that EU‐related legal and regulatory risks remain unresolved.

Headquartered in San Diego, Illumina is a global leader in genomic sequencing instruments and reagents. After proposing to acquire blood-based early cancer‐detection firm Grail, Illumina faced antitrust challenges in both the U.S. and EU and ultimately spun off Grail in 2024. Meister—founder of activist hedge fund Corvex Management and an Illumina board member—has been actively reshaping his bio-genomics portfolio in 2026, repeatedly buying and selling multi-million‐dollar stakes in Illumina and in genomics company GeneDx.