Invitae Corporation is a San Francisco-based medical genetics company providing genetic testing, digital health solutions, and data services for hereditary cancer, rare disease, and personalized cancer monitoring. The company filed for Chapter 11 protection on February 13, 2024 in the U.S. Bankruptcy Court for the District of New Jersey (Case No. 24-11362, Judge Michael B. Kaplan) after never achieving profitability since its 2012 founding, accumulating $1.34 billion in net losses in just the first nine months of 2023, and burning $9-10 million per month. At filing, Invitae reported assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion, with approximately $1.5-1.6 billion in funded debt. Following an April 17, 2024 auction conducted under court-approved bidding procedures, Labcorp Genetics Inc. was selected as the winning bidder for a going-concern acquisition of substantially all assets at $239 million in cash plus non-cash consideration totaling approximately $242.3 million. The sale order was entered on May 7, 2024, and the acquisition closed on August 5, 2024. A joint plan of reorganization was filed on May 9, 2024 (with a second amended plan on July 19, 2024) providing for distributions to priority and secured claimholders while equity interests receive no recovery.
