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Invitae Prices $400M Common Stock Offering

NEW YORK – Invitae said after the close of the market on Thursday that it has priced an underwritten public offering of 7,766,990 shares of its common stock at $51.50 per share.

The molecular diagnostics firm expects gross proceeds of approximately $400 million from the offering, which it announced on Wednesday. Invitae has also granted underwriters a 30-day option to purchase an additional 1,165,048 shares of its common stock at the public offering price.

The company plans to use the net proceeds for working capital and corporate expenses, to improve its platform and oncology and reproductive assays, as well as to expand internationally and acquire assets.  The offering is expected to close on or about Jan. 26.

JP Morgan Securities, Morgan Stanley, Cowen and Company, and SVB Leerink are acting as book-running managers, and William Blair & Company is acting as co-manager for the offering.

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