WASHINGTON (dpa-AFX) - Invitae said that Labcorp (LH) has emerged as the successful bidder in the company's auction during its sale process under Section 363 of the U.S. Bankruptcy Code. Labcorp will be acquiring nearly all of Invitae's assets as a going concern for a cash consideration of $239 million, along with other non-cash considerations.
The hearing to approve the sale is currently slated for May 6, 2024. Pending court approval, as well as standard regulatory approvals and closing conditions, Labcorp and Invitae anticipate finalizing the sale process in the third quarter of 2024.
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