The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Invitae Corporation on February 16, 2024. The Court approved the asset purchase agreement between the debtor and successful bidder, for the sale of substantially all its assets. To qualify as a qualified bidder, interested parties should submit their bids by April 10, 2024.

The initial minimum overbid should be at least 2% increase in cash more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on April 17, 2024. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of 3% percent of the Purchase Price in case of termination of the asset purchase agreement.

The sale hearing is scheduled for May 6, 2024.