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Invitae to Raise $400M in Proposed Public Offering

NEW YORK – Invitae announced after the close of the market Wednesday that it aims to raise $400 million through an underwritten public offering of nearly 7.2 million shares of its common stock based on an assumed price of $55.86 per share.

The company estimated the number of shares it expects to sell based on the price of its common stock on the New York Stock Exchange on Jan. 19. Additionally, Invitae said it will give underwriters a 30-day option to purchase $60 million in additional shares of its common stock at the public offering price, minus underwriting discounts and expenses.

JP Morgan Securities, Morgan Stanley, Cowen, and SVB Leerink are acting as the book-running managers for the proposed offering.

Invitae plans to use the proceeds for working capital, improving its platform, expanding its oncology and reproductive testing products, and growing its international presence. A portion of the funds might also go toward acquiring other businesses and technologies.  

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