In addition to Gia, Clear Genetics’ Clinic Hub provides clinicians with similarlyeasy-to-use software to help manage patient care, including, for example, automated patient triage. The company’s software has been deployed at leading health systems and clinics around the country, such as Geisinger and Huntsman Cancer Institute, among others.
“Clear Genetics’ technologies have been designed to meet the needs of clinicians. In some ways, they can be thought of as a digital navigator for using genetic testing to care for patients,” said Robert Nussbaum, chief medical officer of Invitae. “Clear Genetics, like Invitae, developed these tools with the goal of ensuring easier access to medically responsible, actionable genetic testing. Understanding how best to expand the use of these technologies will play an important role in answering how clinicians will harness the power of genetics in mainstream medicine.”
Under the definitive agreement, Invitae will acquire Clear Genetics for aggregate consideration of approximately $50 million, consisting of approximately $25 million in cash and the remainder in shares of Invitae common stock, which consideration is subject to adjustment based on the net working capital of Clear Genetics at closing, among other factors. A portion of such consideration will be subject to a hold back to satisfy indemnification obligations that may arise, and securityholders of Clear Genetics will have the right for Invitae to register for resale on FormS-3 shares of Invitae common stock issued in the acquisition. The acquisition is expected to close in the coming days, subject to customary closing conditions.
Invitae was represented by Pillsbury Winthrop Shaw Pittman LLP and Clear Genetics was represented by ZAG/Sullivan and LglBiz.
About Clear Genetics
Clear Genetics is a Y Combinator company and leader in developing innovative, patient-centric software to thoughtfully integrate genetics into routine patient care. Their HIPAA-compliant platform offers an automated and comprehensive solution to deliver genetic services at scale. Clear Genetics serves leading health systems, clinics and commercial labs across the nation. Visit: ClearGenetics.com
About Invitae
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae’s goal is to aggregate the world’s genetic tests into a single service with higher quality, faster turnaround time, and lower prices. For more information, visit the company’s website at invitae.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the potential benefits of the proposed acquisition; the expected timing of the closing of the proposed acquisition; the capabilities and benefits of Clear Genetics’ technology; the company’s ability to expand the use