Labcorp wins bid to purchase assets of Invitae for $239M

Labcorp announced that it has been selected as the winning bidder for select assets of Invitae, a medical genetics company. Before the transaction can proceed, the court overseeing the process must issue an approval order following a hearing currently scheduled for May 6, 2024. Upon completion, Labcorp expects this transaction would generate approximately $275M-$300M in annual revenue with the vast majority in specialty testing areas such as oncology and rare diseases. The purchase price for the transaction is $239M. The transaction is anticipated to close in third quarter of 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals. Through this transaction, Labcorp would acquire assets being auctioned through a voluntary bankruptcy protection process.