Invitae Corporation (NYSE:NVTA) entered into definitive agreement to acquire Ciitizen Corporation from group of investors for approximately $350 million on September 6, 2021. Consideration will consist of approximately $125 million in cash and approximately 7.07 shares of Invitae common stock (based upon a trailing average closing price prior to the agreement date). Invitae will also issue approximately $225 million in restricted stock units (RSUs) to new employees who join Invitae in connection with its acquisition of Ciitizen.

These RSUs will cover up to a total of approximately 8.125 million shares of Invitae common stock. A total of 99 recipients will receive these RSUs, and Anil Sethi, the CEO and founder of Ciitizen, will receive RSUs with respect to approximately 2.011 shares of Invitae common stock. The transaction is unanimously approved by the Boards of Directors of both Invitae Corporation and Ciitizen Corporation.

The transaction is subject to customary closing conditions and expected to close within the month of September 2021.