Labcorp Finalizes Acquisition of Select Assets of Invitae

Rhea-AI Summary

Labcorp (NYSE: LH) has completed its acquisition of select assets from Invitae (OTC:NVTAQ), a leading medical genetics company. This strategic move extends Labcorp's leadership in genetic testing solutions, particularly in oncology and select rare diseases. The acquisition aims to enhance Labcorp's specialty testing capabilities and improve its ability to utilize genetic data in clinical trials and treatment regimens.

By integrating Invitae's genetic testing technology with Labcorp's existing capabilities, the company will offer more comprehensive insights for patients, from testing to diagnosis and treatment. This collaboration is expected to support patients, clinicians, and pharmaceutical partners across the continuum of care, including therapy development, patient diagnosis, and personalized care.

Positive

• Expansion of Labcorp's specialty testing capabilities in genetic testing
• Enhanced ability to utilize genetic data in clinical trials and treatment regimens
• More comprehensive patient insights from testing to diagnosis and treatment
• Strengthened position in oncology and rare disease genetic testing markets

Negative

• None.

Extends Labcorp's leadership in genetic testing solutions for oncology and select rare diseases

BURLINGTON, N.C., Aug. 5, 2024 /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today the completion of its acquisition of select assets of Invitae (OTC:NVTAQ), a leading medical genetics company. Together, Labcorp and Invitae will support patients, clinicians and pharmaceutical partners across the continuum of care, including therapy development, patient diagnosis and personalized care.

"Labcorp and Invitae are on a shared mission to harness the power of genetic insights to transform medicine, deliver personalized care and improve health outcomes," said Mark Schroeder, Executive Vice President and President of Diagnostics Laboratories and Chief Operations Officer of Labcorp. "By adding Invitae's cutting edge science and industry-leading experience, we will extend our leadership in genetic testing solutions with the most comprehensive offerings in areas such as oncology and select rare diseases. We are excited to welcome Invitae's talented team to Labcorp and look forward to bringing genetic testing solutions to patients and physicians to improve health and improve lives."

The acquisition expands Labcorp's specialty testing capabilities and the company's ability to utilize genetic data to improve clinical trials and treatment regimens in oncology and select rare diseases. By integrating Invitae's genetic testing technology with Labcorp's specialty testing capabilities, the company will offer a more complete set of insights for each patient – from testing to diagnosis to treatment.

For more information visit Labcorp.com/invitae.

Invitae is advised by Kirkland & Ellis LLP as legal counsel, Moelis & Company LLC as investment banker and FTI Consulting, Inc. as financial and communications advisor. Citi is serving as Labcorp's financial advisor and Hogan Lovells and Kilpatrick Townsend are serving as Labcorp's legal counsel.

About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for 84% of the new drugs and therapeutic products approved in 2023 by the FDA and performed more than 600 million tests for patients around the world. Learn more about us at www.Labcorp.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to the company's acquisition of select assets of Invitae and the anticipated benefits of the transaction for the company, providers and patients.

Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control. These factors, in some cases, have affected and in the future (together with other factors) could affect the company's ability to implement the company's business strategy, and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements.

The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company's most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the company's other filings with the SEC. The information in this press release should be read in conjunction with a review of the company's filings with the SEC, including the information in the company's most recent Annual Report on Form 10-K, and subsequent Forms 10-Q, under the heading "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS".

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SOURCE Labcorp

FAQ

What assets did Labcorp acquire from Invitae?

Labcorp acquired select assets from Invitae, focusing on genetic testing solutions for oncology and select rare diseases. The specific details of the acquired assets were not disclosed in the press release.

How will the Invitae acquisition impact Labcorp's (LH) genetic testing capabilities?

The acquisition will extend Labcorp's leadership in genetic testing solutions, particularly in oncology and select rare diseases. It will enhance Labcorp's specialty testing capabilities and improve its ability to utilize genetic data in clinical trials and treatment regimens.

What are the expected benefits of Labcorp's acquisition of Invitae assets?

The acquisition is expected to provide more comprehensive patient insights, support across the continuum of care, and improve health outcomes. It will also enhance Labcorp's ability to offer integrated solutions from testing to diagnosis and treatment in genetic testing.

How does the Invitae asset acquisition align with Labcorp's (LH) business strategy?

The acquisition aligns with Labcorp's mission to harness genetic insights for personalized care and improved health outcomes. It strengthens Labcorp's position in the genetic testing market and enhances its ability to support patients, clinicians, and pharmaceutical partners.