Invitae Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Invitae Corporation (NYSE: NVTA) announced a public offering of $400 million in common stock, with an additional $60 million option for underwriters. The funds will support working capital, oncology and reproductive product development, and international expansion. No current commitments exist for acquisitions. The offering is contingent on market conditions and may undergo changes.

Positive

• Net proceeds will be used for working capital and corporate purposes.
• Investment in oncology and reproductive product extensions could enhance growth.
• Potential for international expansion increases market reach.

Negative

• Public offering may lead to dilution of existing shares.
• No guarantee on the completion or terms of the offering due to market conditions.

SAN FRANCISCO, Jan. 20, 2021 /PRNewswire/ -- Invitae Corporation (NYSE: NVTA) today announced that it has commenced an underwritten public offering of $400.0 million of shares of its common stock, before deducting underwriting discounts and commissions and other offering expenses. All of the shares are being offered by Invitae. In addition, Invitae expects to grant the underwriters a 30-day option to purchase up to an additional $60.0 million of shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Invitae currently intends to use the net proceeds from this offering for working capital and other general corporate purposes, including investing in its platform, oncology and reproductive product extensions and international expansion. Invitae may also use a portion of the net proceeds from this offering to acquire or invest in complementary businesses, assets or technologies, although it has no present commitments or agreements to do so.

J.P. Morgan Securities LLC, Morgan Stanley, Cowen and Company, LLC and SVB Leerink LLC are acting as the book-running managers for the proposed offering.

An automatic shelf registration statement relating to the shares was filed with the Securities and Exchange Commission and became effective on March 4, 2019. A copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY, 10014, Attention: Prospectus Department; from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at PostSaleManualRequests@broadridge.com, or by telephone at (833) 297-2926; or from SVB Leerink LLC, One Federal Street, 37th Floor, Boston, MA 02110, Attention: Syndicate Department, by telephone at (800) 808-7535, ext. 6132, or by email at syndicate@svbleerink.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Invitae Corporation

Invitae Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae's goal is to aggregate the world's genetic tests into a single service with higher quality, faster turnaround time, and lower prices.

Forward-Looking Statements

This press release contains forward-looking statements within the Private Securities Litigation Reform Act of 1995, including statements that relate to the timing, size and completion of the proposed public offering, the grant to the underwriters of the option to purchase additional shares, and other information that is not historical information. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering. More information about the risks and uncertainties faced by Invitae is contained in the section captioned "Risk factors" in the preliminary prospectus supplement related to the public offering filed with the Securities and Exchange Commission. Invitae disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Laura D'Angelo
ir@invitae.com
(628) 213-3369

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SOURCE Invitae Corporation

FAQ

What is the size of Invitae's public offering on January 20, 2021?

Invitae announced a public offering of $400 million, with an additional $60 million option for underwriters.

How will Invitae use the proceeds from the stock offering?

The proceeds will be used for working capital, oncology and reproductive product extensions, and international expansion.

What are the risks associated with Invitae's public offering?

The offering is subject to market conditions, and there is no assurance of completion or specific terms.

Who is managing Invitae's public offering?

J.P. Morgan Securities LLC, Morgan Stanley, Cowen and Company, and SVB Leerink are acting as book-running managers.