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- Labcorp (NYSE:LH) late on Wednesday said that it has been selected as the winning bidder to acquire select assets of Invitae (OTC:NVTAQ), a medical genetics company, for $239 million.
- 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.
- Through this transaction, anticipated to close in third quarter of 2024, Labcorp (LH) would acquire assets being auctioned through a voluntary bankruptcy protection process.
- Source: Press Release
