Labcorp to Acquire Invitae Assets

Rare Daily Staff

Laboratory services company Labcorp said it’s $239 million bid for assets of the medical genetics company Invitae was selected as the winning bid through the company’s voluntary bankruptcy protection process.

In February, Invitae filed for Chater 11 bankruptcy. The court overseeing the process must issue an approval order following a hearing currently scheduled for May 6, 2024.

Upon completion, Labcorp expects the transaction would generate approximately $275 to $300 million in annual revenue with the vast majority in specialty testing areas such as oncology and rare diseases.

The transaction is subject to customary closing conditions, including applicable regulatory approvals. The transaction is expected to close in the third quarter of 2024.