MedCity News April 28, 2024
Labcorp’s $239 million offer was selected as the winning bid for the assets of genetic testing company Invitae, which filed for bankruptcy protection earlier this year. The acquisition deal, Labcorp’s second in the past month, will enable it to expand in oncology and rare diseases.
Invitae’s business operations are heading to a new home. Under a bankruptcy auction, Labcorp was selected as the winning bidder for the firm’s genetic testing services, digital health solutions, and health data services.
Invitae described the bid as covering “substantially all” of its assets, adding that the transaction will ensure continuity for the company’s customers and partners. Labcorp characterized the purchase as “selected assets of Invitae.” Because the bid came as part of Invitae’s bankruptcy...
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