Grail forgoes IPO for $8B deal with Illumina

Illumina has agreed to buy Grail, the cancer detection startup it helped found, for $8 billion in cash and stock. Grail, which had filed for an IPO earlier this month, has raised $1.9 billion in prior funding from Jeff Bezos, Bill Gates and several other investors and healthcare companies. The Menlo Park-based startup is developing blood tests that can detect a range of cancers.