Clinical lab operator Labcorp to buy bankrupt genetic test maker Invitae for $239 mln
25/04/2024 03:23
April 24 (Reuters) - 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.
Invitae's estimated assets were in the $500 million - $1
billion range, while its liabilities were in the $1 billion -
$10 billion range, according to the bankruptcy filing.
(Reporting by Chandni Shah in Bengaluru; Editing by Mrigank
Dhaniwala)
((Chandni.shah@thomsonreuters.com;))