Laboratory Corporation of America Holdings announced that it has been selected as the winning bidder for select assets of Invitae. Before the transaction can proceed, the court overseeing the process must issue an approval order following a hearing currently scheduled for May 6, 2024. Upon completion, Labcorp expects this transaction would generate approximately $275-$300 million in annual revenue with the vast majority in specialty testing areas such as oncology and rare diseases.

The purchase price for the transaction is $239 million. The transaction is anticipated to close in third quarter of 2024, subject to customary closing conditions for a transaction of this type, including applicable regulatory approvals. Through this transaction, Labcorp would acquire assets being auctioned through a voluntary bankruptcy protection process.

Hogan Lovells and Kilpatrick Townsend are serving as Labcorp's legal counsel.