Invitae has announced that Labcorp (LH) has won the auction for its assets during the sale process defined by Section 363 of the U.S. Bankruptcy Code. Labcorp is set to purchase almost all of Invitae's assets, preserving it as a working business, for a cash payment of $239 million, in addition to non-cash considerations.
A court hearing to approve the sale is expected to be held on May 6, 2024. Subject to court and standard regulatory approval, as well as the fulfillment of closing conditions, both Labcorp and Invitae anticipate completing the sale in the third quarter of 2024.
