Invitae Receives Court Approval For Sale To Labcorp; Key Milestone Reached In Invitae's Chapter 11 Process

Acquisition advances Labcorp's specialty testing strategy in key areas such as oncology and rare diseases

Key milestone reached in Invitae's Chapter 11 process

BURLINGTON, N.C. and SAN FRANCISCO, May 7, 2024 /PRNewswire/ -- Labcorp (NYSE:LH), a global leader of innovative and comprehensive laboratory services, and Invitae (OTC:NVTAQ), a leading medical genetics company,  announced today that the United States Bankruptcy Court has approved the previously announced bid by Labcorp to acquire assets of Invitae.

"As a leading medical genetics company, Invitae has advanced genomics-based testing solutions across its network," said Mark Schroeder, Executive Vice President and President of Diagnostics Laboratories and Chief Operations Officer of Labcorp. "Invitae will complement our business and advance our leadership in genetic screening, diagnostics and specialty testing. This supports our goal to provide best-in-class resources and health insights for patients and physicians."

"The Court's approval of our proposed sale to Labcorp is a positive step forward in our restructuring process," said Ken Knight, President and Chief Executive Officer of Invitae. "Looking ahead, I am confident that with this transaction, Labcorp will help ensure our industry-leading genetics platform is available to all who can benefit from it."       

The transaction is expected to bolster Labcorp's genetic specialty testing capabilities, especially in key health areas such as oncology and rare diseases, aimed at enhancing patient care and providing insights into their health with improved accessibility to genetic data. The transaction also strengthens Labcorp's ability to utilize genetic data to enhance and support clinical trials and treatment regimens.

Pursuant to the asset purchase agreement, Labcorp will acquire select assets of Invitae on a going concern basis for $239 million in cash consideration, plus other non-cash consideration. Invitae and Labcorp anticipate the sale will be completed in the third quarter of 2024, subject to customary closing conditions and applicable regulatory approvals.