Labcorp Acquires Select Invitae Assets
In a significant move, Labcorp, a global leader in innovative and comprehensive laboratory services, has emerged as the winning bidder for select assets of Invitae, a leading medical genetics company. This acquisition, once approved by the court overseeing Invitae’s voluntary bankruptcy protection process, is poised to strengthen Labcorp’s position in the specialty testing market, particularly in the areas of oncology and rare diseases.
The transaction, valued at $1.5 billion, is expected to generate approximately $400 million in annual revenue for Labcorp upon completion. This acquisition will expand Labcorp’s portfolio of diagnostic services, providing valuable insights to support medical decision-making for patients and healthcare providers.
Labcorp, with a global reach spanning approximately 100 countries, has a proven track record of supporting scientific advancements and improving health outcomes. The company’s acquisition of Invitae’s assets aligns with its mission to provide comprehensive and innovative laboratory services to its clients worldwide.
The transaction is expected to close in the third quarter of 2024, subject to the fulfillment of customary closing conditions and regulatory approvals. Hogan Lovells and Davis Polk & Wardwell are serving as Labcorp’s legal counsel during this process.
