— Invitae will continue to invest in its
precision oncology focused lab developed test (LDT) offerings
—
— The transaction contributes to Invitae's cash
runway and includes a strategic supply partnership to support the
growth of Invitae Personalized Cancer Monitoring™ (PCM) services
—
SAN
FRANCISCO, Dec. 20, 2022 /PRNewswire/ -- Invitae
(NYSE: NVTA), a leading medical genetics company, today announced
that it has completed a transaction with Integrated DNA
Technologies, Inc. (IDT), which includes the sale of Next
Generation Sequencing (NGS) research assays under the trademarked
name Archer®, also known as the Research Use Only (RUO)
kitted solutions. The transaction also includes certain licensed
rights to Invitae's Anchored Multiplex PCR (AMP™) technology. The
transaction value includes total cash consideration of
approximately $48 million, subject to
certain adjustments. As part of the transaction, Invitae also
entered into a supply agreement with IDT to support Invitae's PCM
services.
This divestiture is part of Invitae's portfolio optimization
efforts and renewed strategic focus to achieve profitable growth in
its core genetic testing business, fueling the pursuit of the
significant market opportunities of its precision oncology LDT
services. This transaction is expected to add to Invitae's cash
position, contribute to the company's commitment to reduce cash
burn and extend its cash runway.
"Today is the next step in executing our business realignment
strategy and we're pleased to complete this transaction with IDT.
Many of our talented employees are transferring to IDT immediately,
and we expect a seamless transition for the customers that rely on
the RUO kitted solutions," said Ken
Knight, president and chief executive officer of Invitae.
"AMP™ technology, the foundation for our precision oncology
services, including related patents and proprietary know-how, will
remain with Invitae, and we're looking forward to serving patients,
physicians and biopharma partners with these emerging
offerings."
About Invitae
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. For more
information, visit the company's website at invitae.com.
Disclaimer
RUO — For research use only. Not for use in diagnostic
procedures. Unless otherwise agreed to in writing, IDT does not
intend these products to be used in clinical applications and does
not warrant their fitness or suitability for any clinical
diagnostic use. Purchaser is solely responsible for all decisions
regarding the use of these products and any associated regulatory
or legal obligations.
Safe Harbor Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
relating to the company's business plans and strategy; the
anticipated benefits of the transaction; the company's expectation
that customers will experience a seamless transition in the
transaction; and the company's expectations regarding its precision
oncology services. Forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially, and reported results should not be considered as an
indication of future performance. These risks and uncertainties
include, but are not limited to: the ability of the company to
successfully execute its strategic business realignment and achieve
the intended benefits thereof; the impact of COVID-19 on the
company, and the effectiveness of the efforts it has taken or may
take in the future in response thereto; the impact of inflation and
the economic environment on the company's business; the company's
ability to grow its business in a cost-effective manner; the
company's history of losses; the company's ability to compete; the
company's failure to manage growth effectively; the company's need
to scale its infrastructure in advance of demand for its tests and
to increase demand for its tests; the risk that the company may not
obtain or maintain sufficient levels of reimbursement for its
tests; the ability of the company to obtain regulatory approval for
its tests; the company's failure to successfully integrate or fully
realize the anticipated benefits of acquired businesses; risks
associated with litigation; the company's ability to use rapidly
changing genetic data to interpret test results accurately and
consistently; laws and regulations applicable to the company's
business; and the other risks set forth in the company's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2022. These forward-looking
statements speak only as of the date hereof, and Invitae
Corporation disclaims any obligation to update these
forward-looking statements.
Contacts for Invitae:
Investor Relations
Hoki
Luk
ir@invitae.com
Public Relations
Amy
Hadsock
pr@invitae.com
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SOURCE Invitae Corporation