Labcorp to Buy Assets of Bankrupt Invitae for $239M

Dow Jones04-25

By Colin Kellaher

Laboratory Corp. of America won the bidding for the assets of bankrupt medical-genetics company Invitae.

The companies late Wednesday said Labcorp will acquire substantially all of Invitae's assets on a going-concern basis for $239 million in cash, subject to bankruptcy court approval at a hearing slated for May 6.

San Francisco-based Invitae filed for bankruptcy in February, blaming poorly-timed acquisitions, macroeconomic headwinds and turnover in its top ranks.

Labcorp, a Burlington, N.C., provider of laboratory services, said the acquisition advances its strategy to launch and scale specialty testing in areas such as oncology and rare diseases, adding that it expects the acquired assets to generate $275 million to $300 million in annual revenue.

Labcorp, which aims to complete the acquisition in the third quarter, posted 2023 revenue topping $12 billion.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 25, 2024 06:05 ET (10:05 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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