Laboratory service provider Labcorp on Wednesday announced that it will acquire Softbank-backed Invitae Corp’s 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, as per news agency Reuters.
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.
