Labcorp to buy bankrupt genetic test maker Invitae for $239M

Laboratory service provider Labcorp, opens new tab said on Wednesday it will acquire Softbank-backed, opens new tab Invitae Corp’s, opens new tab 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. Reuters