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Ropes & Gray Represents Perella Weinberg Partners as Financial Advisor to Invitae in $1.4 Billion Combination with ArcherDX

Practices: Mergers & Acquisitions, Private Equity, Asset Management M&A, Life Sciences, Life Sciences Mergers & Acquisitions, Health Care, Health Care Finance & Restructuring

Ropes & Gray represented Perella Weinberg Partners as financial advisor to Invitae in its announced combination with ArcherDX to create a global leader in comprehensive cancer genetics and precision oncology. The transaction was announced on June 22. 

The definitive agreement to combine the companies will bring germline and somatic testing, liquid biopsy and tissue genomic profiling onto a single platform to offer patients a full suite of cancer testing for risk, therapy optimization and personalized cancer monitoring.

Invitae is a leader in diagnostic and hereditary risk testing and has strong relationships with clinicians caring for cancer patients, including cancer genetic counselors, oncologists and imaging centers.

ArcherDX has developed and commercialized over 325 unique products, including research products and services in use by more than 300 laboratories worldwide and has collaborated with more than 50 biopharmaceutical companies and contract research organizations, providing services that enable biopharmaceutical companies, including partners such as AstraZeneca, BMS and Bayer, to cost-effectively accelerate drug development.

Under the terms of the agreement, Invitae will acquire ArcherDX for upfront consideration consisting of 30 million shares of Invitae common stock and $325 million in cash, plus up to an additional 27 million shares of Invitae common stock payable in connection with the achievement of certain milestones, for an overall transaction valued at approximately $1.4 billion.

The Ropes & Gray team included M&A and private equity partner John Sorkin and M&A and private equity associate Zain Rehman (both of New York).

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