NEW YORK (GenomeWeb) – Invitae announced today that it has completed its acquisition of CombiMatrix.
With the closing of the deal, Invitae issued approximately $21.2 million in shares of its own common stock, about 2.7 million shares, to former CombiMatrix shareholders. Combined with the approximately 1.7 million shares of Invitae common stock underlying CombiMatrix Series F warrants assumed in the acquisition, the transaction has a total enterprise value of approximately $34.9 million, Invitae said.
The firm first announced its intent to acquire both CombiMatrix and Good Start Genetics in July, saying the deals would enable it to add reproductive health testing to its portfolio and fulfill its aim to become a comprehensive genomic information company.
"With the addition of CombiMatrix to Invitae, we have completed our entry into prenatal and perinatal genetics, currently the second-largest category of genetic testing services. Our integrated offering will build on the expertise and technologies developed by CombiMatrix to offer customers the most comprehensive offering from a single provider in the category," Invitae CEO Sean George said in a statement. "Invitae's platform now delivers comprehensive genetic information services that support the use of genetics in mainstream medical care throughout all stages of life."
Upon completion of the merger, CombiMatrix became a wholly owned subsidiary of Invitae. CombiMatrix's common stock and Series F warrants will cease trading on the Nasdaq and will be delisted.
Invitae's shares fell about 3 percent to $7.60 in morning trading on the New York Stock Exchange.