GRAIL, Inc. (Nasdaq: GRAL) has completed a $110 million equity financing with Samsung affiliates, including Samsung C&T Corporation, according to a press release from the Menlo Park, California-based healthcare company.

Under the terms of the agreement, the Samsung entities purchased shares of GRAIL common stock at $70.05 per share. The company said the proceeds are intended to strengthen its balance sheet and extend its cash runway.

GRAIL and Samsung C&T have also announced plans to collaborate on commercializing GRAIL's Galleri multi-cancer early detection test in South Korea, with potential expansion into Japan and Singapore, subject to regulatory approvals and other conditions. Initial testing will be performed at GRAIL's clinical laboratory in Research Triangle Park, North Carolina.

"This investment from the Samsung entities further strengthens our balance sheet and extends our cash runway as we advance key priorities, including securing regulatory approval and reimbursement for Galleri in the United States and expanding access to multi-cancer early detection internationally," said Aaron Freidin, Chief Financial Officer of GRAIL.

Jaywoo Kim, Executive Vice President of Life Science Business at Samsung C&T, said the investment represents "a significant milestone in advancing Samsung C&T's vision expanding access to cancer early detection."

Latham & Watkins LLP served as legal advisor and Morgan Stanley & Co. LLC served as financial advisor to GRAIL. Samsung was advised by Covington & Burling, BKL, and E&Y Han Young in Korea.