Labcorp Announces Winning Bid for Select Assets of Invitae

 

• Advances Labcorp strategy to launch and scale specialty testing in areas such as oncology and rare diseases
• Transaction requires court approval, with confirmation expected on May 6, 2024

 Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today that it has been selected as the winning bidder for select assets of Invitae, a leading medical genetics company. Before the transaction can proceed, the court overseeing the process must issue an approval order following a hearing currently scheduled for May 6, 2024.

Upon completion, Labcorp expects this transaction would generate approximately $275-$300 million in annual revenue with the vast majority in specialty testing areas such as oncology and rare diseases. The purchase price for the transaction is $239 million.

The transaction is anticipated to close in third quarter of 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals.

Through this transaction, Labcorp would acquire assets being auctioned through a voluntary bankruptcy protection process.

Hogan Lovells and Kilpatrick Townsend are serving as Labcorp's legal counsel.

https://www.biospace.com/article/releases/labcorp-announces-winning-bid-for-select-assets-of-invitae/