Fierce Biotech April 26, 2024
After hanging out the for sale sign and filing for bankruptcy earlier this year, the genetic testing provider Invitae has found a new home for its portfolio at Labcorp.
The two companies announced that the clinical diagnostics giant put forward the winning bid of $239 million during the court-supervised auction process, which is still pending final approval.
According to Invitae, the transaction covers “substantially all of the company’s assets”—though Labcorp described them as “select,” saying they would specifically help scale up its offerings in cancer testing and diagnostics for rare diseases.
Labcorp also noted that it was getting something of a good deal: after it’s slated to close in the third quarter of this year, the company said...
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