Labcorp will acquire all of the bankrupt firm's assets on a going concern basis for $239 million in cash consideration and other non-cash consideration, the companies said in separate statements. In February, Invitae filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and said that it intended to pursue a sale process. Invitae's estimated assets were in the $500 million - $1 billion range, while its liabilities were in the $1 billion - $10 billion range, according to the bankruptcy filing.
Laboratory service provider Labcorp said on Wednesday it will acquire Softbank-backed Invitae Corp's assets auctioned through a voluntary bankruptcy protection process, a few months after the genetic test maker filed for bankruptcy. Labcorp will acquire all of the bankrupt firm's assets on a going concern basis for $239 million in cash consideration and other non-cash consideration, the companies said in separate statements. In February, Invitae filed for voluntary Chapter 11 protection in a U.S. bankruptcy court and said that it intended to pursue a sale process.
Chinese smartphone maker Xiaomi has locked in 75,723 orders for its sporty SU7 electric sedan as of April 24, and aims to deliver over 10,000 units in June, founder Lei Jun said on Thursday. The delivery target sets a record for an electric vehicle (EV) startup, Lei said during an event on the first media day of the Beijing auto show. The locked-in orders, which refer to those where buyers have opted for non-refundable deposits, have come less than one month into the launch of Xiaomi's first car in late March.
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