Laboratory Corporation of America Holdings (NYSE:LH) won the bid to acquire substantially all of the assets of Invitae Corporation for approximately $240 million.

Laboratory Corporation of America Holdings (NYSE:LH) won the bid to acquire substantially all of the assets of Invitae Corporation for approximately $240 million on April 24, 2024. Labcorp will acquire substantially all of Invitae's assets on a going concern basis for $239 million in cash consideration, plus other non-cash consideration. Through this transaction, Labcorp would acquire assets being auctioned through a voluntary bankruptcy protection process.

The acquisition is subject to Court approval, as well as customary regulatory approvals and closing conditions. The hearing to approve the sale is currently scheduled for May 6, 2024. Labcorp and Invitae anticipate completing the sale process in the third quarter of 2024.

Kirkland & Ellis LLP acted as legal counsel, Moelis & Company LLC acted as investment banker and FTI Consulting, Inc. acted as financial and communications advisor to Invitae. Hogan Lovells and Kilpatrick Townsend are serving as Labcorp's legal counsel.