Clinical lab operator Labcorp to buy bankrupt genetic test maker Invitae for $239 mln

Reuters04-25

April 24 (Reuters) - Laboratory service provider Labcorp

said on Wednesday it will acquire Softbank-backed

Invitae Corp's 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;))

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