SAN
FRANCISCO, Jan.
22, 2024 /PRNewswire/ -- Invitae (NYSE:
NVTA), a leading medical genetics company, today announced it has
completed the sale of certain reproductive health assets, which
include carrier screening and non-invasive prenatal screening, to
Natera (NASDAQ: NTRA).
The value of the transaction is up to $52.5 million, including cash, milestone payments
and litigation credits. Natera has hired Invitae reproductive
health sales representatives. In addition, Invitae will transition
its non-invasive prenatal screening and carrier screening customers
to Natera.
"Today's announcement further helps us streamline operations and
focus our resources on our strengths of clinical germline genetic
information and superior variant interpretation in support of
millions of oncology and rare disease patients," said Ken Knight, president and chief executive
officer of Invitae.
This transaction will aid Invitae's efforts to significantly
reduce operating expenses. The Company anticipates annualized
operating expense cash savings of approximately $44 million from the sale, excluding one-time
severance related payments.
About Invitae
Invitae (NYSE: NVTA) is a leading
medical genetics company trusted by millions of patients and their
providers to deliver timely genetic information using digital
technology. We aim to provide accurate and actionable answers to
strengthen medical decision-making for individuals and their
families. Invitae's genetics experts apply a rigorous approach to
data and research, serving as the foundation of their mission to
bring comprehensive genetic information into mainstream medicine to
improve healthcare for billions of people.
To learn more, visit invitae.com and follow for
updates on Twitter, Instagram, Facebook and
LinkedIn @Invitae.
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 strategic objectives and anticipated
outcomes; the divestiture of its reproductive health business and
its projected impact on the company's financial and operational
performance. 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 availability of and need for capital; the
ability to service the company's debt obligations; the successful
execution and anticipated benefits of the divestiture and cost
reduction strategies; potential unforeseen costs or challenges
associated with these strategies; the risk that the disruption
resulting from these activities may harm the company's business,
market share or its relationship with customers or potential
customers; the impact of inflation and the current economic
environment on the company's business; and the other risks set
forth in the reports filed by the company with the SEC, including
its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023. These
forward-looking statements speak only as of the date hereof, and
Invitae Corporation disclaims any obligation to update these
forward-looking statements.
Invitae Contacts:
Investor Relations
Hoki
Luk
ir@invitae.com
Public Relations
Amy Sands
Hadsock
pr@invitae.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/invitae-completes-sale-of-reproductive-health-assets-to-natera-302040078.html
SOURCE Invitae Corporation