Invitae enters $239M asset sale with Labcorp in Chapter 11 process

Invitae Corp

Asset Purchase Agreement with Labcorp Genetics Inc. for sale of business for $239M cash; $23.9M deposit in escrow.
Auction conducted April 17-24, 2024; Labcorp selected as successful bidder; Court approval required to close.
March 2024 monthly operating report: $131.4M cash, $445.4M total assets, $1.689B total liabilities.
Cumulative net loss of $64.9M since Chapter 11 filing (Feb 13 – Mar 31, 2024); March net loss $19.7M.
Closing conditions include HSR waiting period expiration, Court order, and no Material Adverse Effect.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Invitae Corp entered into Asset Purchase Agreement with Laboratory Corporation of America Holdings (Labcorp) and Labcorp Genetics Inc. (the Purchaser) valued at $239,000,000 (effective 2024-05-01).

Action: entry
Agreement: asset purchase
Counterparty: Laboratory Corporation of America Holdings (Labcorp) and Labcorp Genetics Inc. (the Purchaser)
Value: $239,000,000
Effective: 2024-05-01

Exact text from the filing

On May 1, 2024, the Company entered into an asset purchase agreement (the "Asset Purchase Agreement") with Laboratory Corporation of America Holdings ("Labcorp"), solely in its capacity as guarantor, and with Labcorp Genetics Inc. (the "Purchaser"), an affiliate of Labcorp, as purchaser, as a result of the Purchaser being selected as the successful bidder in an auction authorized by the Court pursuant to, inter alia, sections 105, 363, and 365 of the United States Bankruptcy Code.

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Source: SEC EDGAR

accession 0001193125-24-129432

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