Illumina Executive Sells $47 Million Stake After Swap Conversion

On May 7 and 11, Corvex, led by Keith A. Meister, terminated part of its equity‐linked swap positions in Illumina, Inc. (NASDAQ: ILMN), converting roughly 80,000 shares into spot common stock at $102.82 per share for additional acquisition. On May 12, it executed a similar structured transaction to purchase about 255,000 shares at the same price. Then, over May 13–14, it sold approximately 327,000 shares in the market at $144–148 per share, generating proceeds of around $47–48 million (roughly KRW 60 billion). Following these trades, Meister’s indirect stake in Illumina declined to about 3.5 million shares, leaving only a small swap position convertible into stock at $102.82 per share through February 2028.

Illumina’s Q1 fiscal 2026 results, announced on April 30, reported revenue of approximately $1.09 billion (about KRW 1.5 trillion) and net income of $134 million (around KRW 200 billion), topping market expectations. The company raised its full‐year outlook and unveiled a new share repurchase plan. After the earnings release, outlook upgrade and buyback announcement, Illumina’s stock was up more than 8% year‐to‐date by early May. ()

Illumina is a global leader in next‐generation sequencing systems and reagents, serving as core infrastructure for cancer diagnostics and precision medicine. Under shareholder‐activist pressure, the company has driven business restructuring and governance changes—first during activist investor Carl Icahn’s 2023 proxy fight, and later with Corvex founder Keith Meister joining the board in 2025. ()