Labcorp’s $239 million offer was selected as the winning bid for the assets of genetic testing company Invitae, which filed for bankruptcy protection earlier this year. The acquisition deal, Labcorp's second in the past month, will enable it to expand in oncology and rare diseases.
The FDA awarded marketing authorization for a new Invitae test that uses next-generation sequencing to assess multiple genes to identify variants indicating a person’s predisposition for certain cancers. The regulatory action creates a new regulatory classification making Invitae’s test the predicate device for future cancer tests.
At the Payer Insights sessions on Day 1 of ViVE 2024, a panel on prior authorization offered compelling insights from speakers who shared the positive developments in this area after years of mounting frustration. Speakers also shared challenges as they work with providers to figure out how policy developments and technology will work in practice.
Combining the two companies would allow patients to access genetic testing and their health records in one place, and make it easier for Invitae to collect and organize health records.
ArcherDX had filed with the SEC earlier this month for a $100 million initial public offering. The two companies said combining would enable cancer patients to access a variety of testing products and services from one source.
The market for reproductive genetic testing historically been dominated by carrier screening but progress is being made in different methods, including non-invasive prenatal testing.
“We’re building a company for the coming genomic era that includes genetic capabilities through all phases of life,” said Invitae CEO Sean George in a phone interview.
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Several fundamentals have changed to accelerate growth in the genomics space, spurring our second look into the sector.
Sean George believes that the genetic testing market will see consolidation and those that survive will provide low-cost high value tests to a wide swathe of the population.
Invitae's proposition with these new panels is to democratize the genetic panel screen - testing for deeply impactful disorders that stretch beyond cancer.
Gene diagnostics megaplayer Invitae has raised a whopping $120 million in a Series F round – proof positive that startups operating in the vein of 23andMe are able to attract large swaths of cash. The company has a single diagnostic test that tests 200 genes for a variety of genetic disorders associated with cancer, cardiology, neurology and […]
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