(Reuters) - Laboratory service provider Labcorp said on Wednesday 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.
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.
(Reporting by Chandni Shah in Bengaluru; Editing by Mrigank Dhaniwala)
Did you find this insightful?
Bad
Just Okay
Amazing