Laboratory service provider Labcorp has announced its acquisition of Invitae Corp’s assets through a voluntary bankruptcy protection process. The deal includes all of Invitae’s assets and liabilities on a going concern basis, with Labcorp set to pay $239 million in cash and non-cash considerations.
Invitae filed for voluntary Chapter 11 protection in February, seeking to pursue a sale process. The company’s estimated assets at the time of filing ranged from $500 million to $1 billion, while liabilities were estimated to be between $1 billion and $10 billion.
The acquisition is expected to strengthen Labcorp’s portfolio of genetic testing services, expanding its capabilities in areas such as reproductive health, oncology, and cardiovascular disease. Labcorp intends to continue to operate Invitae’s business, leveraging its expertise and resources to provide high-quality genetic testing services to patients.
