Labcorp, a global leader in laboratory services, has emerged as the winning bidder in the court-supervised sale process of Invitae, a leading medical genetics company. The acquisition, subject to court and regulatory approvals, includes a cash bid of $239 million, ensuring business continuity for customers, partners, and employees.
Invitae’s president and CEO, Ken Knight, expressed optimism about the agreement with Labcorp, highlighting its significance in the company’s financial restructuring efforts. The sale process is set to be finalized pending court approval, with Labcorp and Invitae aiming to complete the transaction in the third quarter of 2024.
The selection of Labcorp as the winning bidder marks a pivotal moment for both companies, with Invitae being advised by Kirkland & Ellis LLP, Moelis & Company LLC, and FTI Consulting, Inc. in this matter. Labcorp, known for its innovative laboratory services, is poised to acquire substantially all of Invitae’s assets, further solidifying its position in the healthcare industry.
With Labcorp’s extensive experience and global reach, the acquisition is expected to enhance both companies’ capabilities and offerings. Labcorp’s commitment to providing comprehensive diagnostics and advancing science aligns with Invitae’s mission to deliver accurate genetic information to improve healthcare outcomes for millions of patients worldwide.
As the sale process moves forward, stakeholders await the final approvals and anticipate a seamless transition that will benefit all parties involved. Stay tuned for more updates on this significant development in the healthcare sector.