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