Invitae Completes Transaction with ArcherDX to Bring Comprehensive Cancer Genetics and Precision Oncology to Patients Worldwide


SAN FRANCISCO, October 5, 2020 /PRNewswire/ — Invite (NYSE: NVTA), a leading genetics company, announced today that the October 2, 2020completed the transaction to bring ArcherDX, a leading genomics analysis company, to Invitae to create a comprehensive offering that provides testing services for disease risk, therapy optimization, and personalized cancer monitoring to enable precision approaches to cancer treatment. cancer.



“With the addition of ArcherDX’s technologies, capabilities and team, Invitae is now well positioned to accelerate the utilization of genetic information throughout a cancer patient’s journey. Starting from risk profiling and diagnosis, moving on to optimization of therapy, monitoring and recurrence surveillance, Invitae can provide the information needed to enable best-in-class personalized cancer care,” said Sean George, Ph.D., co-founder and CEO of Invitae. “Invitae is on a mission to increase access to molecular medicine for all who can benefit, and the addition of the ArcherDX platform creates an important segment serving the current and future oncology landscape.”


In connection with the closing of the acquisition, jason myersPh.D., has been appointed to the Board of Directors of Invitae, effective October 2, 2020and will serve as chair of oncology.


Details of the transaction
Pursuant to the terms of the Agreement and Plan of Merger and Plan of Reorganization, Invitae acquired ArcherDX for an initial consideration consisting of 30.0 million shares of Invitae common stock and $325.0 million in cash, subject to certain adjustments. In addition, up to an additional 27.0 million Invitae common shares will be paid in connection with the achievement of certain milestones. All Invitae common shares issued to ArcherDX security holders on the closing date are subject to a 75-day lock-up period, subject to certain exceptions.


In connection with the acquisition, Invitae entered into a credit and guarantee agreement with Perceptive Credit Opportunities Holdings III, LP that provides a senior term secured line of credit, and in October 2, 2020borrowed a total principal amount of $135.0 million under the credit and guarantee contract. In addition, Invitae issued guarantees to Perceptive to purchase 1.0 million common shares of Invitae.


In connection with the acquisition, Invitae sold $275.0 million of common stock to certain accredited investors in a private placement.


About Invitee
Invitation Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into conventional medicine to improve health care for billions of people. Invitae’s goal is to aggregate the world’s genetic tests into one service with higher quality, faster turnaround time and lower prices. For more information, visit the company’s website at invitee.com.


safe harbor statement
This press release contains statements that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, expectations and events, can generally be identified by the use of forward-looking terms such as “believe”, “expect”, “may”, “will”. , “should”, “would”, “could”, “seek”, “intend”, “plan”, “target”, “project”, “estimate”, “anticipate” or other comparable terms. All statements other than statements of historical fact included in this presentation regarding strategies, synergies, prospects, financial results, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements include, but are not limited to, statements about future products and services and customers served, potential addressable markets, and the anticipated benefits of the ArcherDX acquisition, including expected synergies, opportunities, product offerings, and impacts. financial and otherwise. . Forward-looking statements are not historical facts or guarantees of future performance or events. Instead, they are based solely on current beliefs, expectations and assumptions regarding future business developments, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Actual results, conditions and events may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results, conditions and events to differ materially from those indicated in forward-looking statements include, among others: the ability to successfully and profitably market our products and services; acceptance of our products and services by patients and healthcare providers; the ability to meet demand for our products and services; the availability and sufficiency of reimbursement; the amount and nature of competition; the effects of the adoption, modification or repeal of any law, regulation, order, interpretation or policy related to the health system, including, among others, as a result of any judicial, executive or legislative action; the impact of COVID-19 on our business; our ability to manage growth effectively; our ability to successfully develop new products and services; the ability to effectively use strategic partnerships and acquisitions; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; negative effects of the consummation of the acquisition on the market price of our common shares and/or on the respective businesses, financial conditions, results of operations and financial performance of the companies; significant transaction costs and/or unknown liabilities; the possibility that the anticipated benefits of the ArcherDX acquisition may not be realized in full or at all or may take longer than expected; risks associated with contracts containing consent and/or other provisions that may be triggered by the acquisition of ArcherDX; risks associated with litigation; the possibility that costs or difficulties related to the integration of the operations of ArcherDX with those of Invitae may be higher than expected; our ability to retain and hire key personnel; our need to scale our infrastructure ahead of the demand for our tests and increase the demand for our tests; our ability to use rapidly changing genetic data to accurately and consistently interpret test results; security breaches, data loss and other interruptions; laws and regulations applicable to our business; and the risks and uncertainties set forth in our reports on Forms 10-K, 10-Q, and 8-K filed with or provided to the Securities and Exchange Commission (the “SEC”) and other written statements we make from time to time, including our quarterly report on Form 10-Q for the quarter ended June 30, 2020. Forward-looking statements speak only as of the date hereof, and we disclaim any obligation to update any forward-looking statements.


NOTE: Invitae and the Invitae logo are trademarks of Invitae Corporation. All other trademarks and service marks are the property of their respective owners.


Contact:

Laura D’Angelo
[email protected]
(628) 213-3369



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SOURCE Invitae Corporation

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