Invitae completes asset sale to Integrated DNA Technologies

Invitae announced that it has completed a transaction with Integrated DNA Technologies which includes the sale of Next Generation Sequencing research assays under the trademarked name Archer, also known as the Research Use Only kitted solutions. The transaction also includes certain licensed rights to Invitae’s Anchored Multiplex PCR technology. The transaction value includes total cash consideration of approximately $48M, subject to certain adjustments. As part of the transaction, Invitae also entered into a supply agreement with IDT to support Invitae’s PCM services. This divestiture is part of Invitae’s portfolio optimization efforts and renewed strategic focus to achieve profitable growth in its core genetic testing business, fueling the pursuit of the significant market opportunities of its precision oncology LDT services. This transaction is expected to add to Invitae’s cash position, contribute to the company’s commitment to reduce cash burn and extend its cash runway.