Invitae Surges on $1.4B Acquisition of ArcherDX
Shares of Invitae (NYSE: NVTA) rose as much as 48.4% today after the company announced the acquisition of ArcherDX. At a total transaction cost of $1.4 billion, it's easily the largest acquisition in the company's history.
The combination will immediately boost Invitae's product offerings and growth prospects. Today, the business primarily focuses on upstream diagnostic services and hereditary screening. With the addition of ArcherDX, the technology platform will be augmented with new capabilities in cancer care monitoring and liquid and tissue biopsy analysis.
As of 12:24 p.m. EDT, the growth stock had settled to a 44% gain.
Source Fool.com