NEW YORK – Invitae has sold its portfolio of Archer next-generation sequencing research-use assays to Integrated DNA Technologies (IDT) for $48 million, the companies said on Tuesday.
IDT has acquired the VariantPlex, FusionPlex, LiquidPlex, and Immunoverse panels, powered by Invitae's anchored multiplex PCR (AMP) technology. It has also acquired a related bioinformatics platform. The assays will continue to be manufactured in Boulder, Colorado, IDT said in a statement, and the firm plans to bring over more than 100 employees around the globe.
IDT, a Danaher subsidiary, purchased the assays with $48 million in cash in an asset deal; under the terms of the deal, Invitae has licensed its AMP technology and entered into a supply agreement to support Invitae's Personalized Cancer Monitoring services.
The sell-off comes just over two years after Invitae completed its acquisition of ArcherDx, valued at the time at approximately $1.4 billion: $325 million in cash and 30 million shares of Invitae's stock. However, Invitae's shares have crashed 96 percent to $2.00 from $53.30 on Oct. 5, 2020, the date the deal was completed.
The transaction also comes as Invitae is restructuring with Cofounder Sean George stepping down from the CEO role. The firm recently laid off 1,000 employees as part of its restructuring.
"This divestiture is part of Invitae's portfolio optimization efforts and renewed strategic focus to achieve profitable growth in its core genetic testing business, fueling the pursuit of the significant market opportunities of its precision oncology laboratory-developed test services," Invitae said in a statement. "This transaction is expected to add to Invitae's cash position, contribute to the company's commitment to reduce cash burn, and extend its cash runway."
IDT's last acquisition prior to this was Swift Biosciences in March 2021.
"The acquisition of the NGS research assays aligns with our focus to accelerate the pace of scientific discovery, laying the foundation for IDT to become a leading oncology research solutions provider," IDT President Demaris Mills said in a statement. "The products, tools, talent, and licensed technology will enable us to grow our NGS platform and unlock new market opportunities for IDT."
"Coupled with IDT's existing xGen NGS portfolio, this acquisition will enable IDT to provide researchers with all-in-one NGS research solutions to uncover novel biomarkers, including critical cancer fusions," she added.
In Tuesday morning trading on the New York Stock Exchange, shares of Invitae were up 2 percent at $2.00 while shares of Danaher were flat at $257.27.