Clinical Lab Operator Labcorp to Buy Bankrupt Genetic Test Maker Invitae for $239M

Laboratory service provider Labcorp (LH.N) said on Wednesday it will acquire Softbank-backed (9434.T) Invitae Corp’s (NVTAQ.PK) assets auctioned through a voluntary bankruptcy protection process, a few months after the genetic test maker filed for bankruptcy. Labcorp will acquire all of the bankrupt firm’s assets on a going concern basis for $239 million in cash consideration and other non-cash consideration, the companies said in separate statements. In February, Invitae filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and said that it intended to pursue a sale process.

Read the full article: Clinical Lab Operator Labcorp to Buy Bankrupt Genetic Test Maker Invitae for $239M //

Source: https://www.reuters.com/markets/deals/clinical-lab-operator-labcorp-buy-bankrupt-genetic-test-maker-invitae-239-mln-2024-04-25/

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