Invitae enters agreement with Labcorp for sale of business

Chicago, April 24 – Invitae Corp. announced that Labcorp has been selected as the winning bidder in the company’s auction for the sale of its business, according to a press release.

Labcorp has made a $239 million cash bid for substantially of the company’s assets. The purchase price will include other non-cash consideration.

The sale hearing is scheduled for May 6.

The sale process is expected to be completed in the third quarter of 2024.

Invitae is being advised in the matter by Kirkland & Ellis LLP as legal counsel, Moelis & Co. LLC as investment banker, and FTI Consulting, Inc. as financial and communications adviser.

Invitae is a medical genetics company based in San Francisco. The company filed bankruptcy on March 15 under Chapter 11 case number 24-11362.

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