SoftBank-backed medical genetics company Invitae ($NVTA) is reportedly preparing for bankruptcy within weeks, according to The Wall Street Journal. The company has engaged FTI Consulting and law firm Kirkland & Ellis to explore options for addressing its $1.5 billion debt. Following the WSJ report, Invitae's stock plummeted, sinking as much as 74% during trading. The news of potential bankruptcy and the hiring of restructuring advisers has led to a significant drop in the company's share price, with a reported 36% decline at one point.
Invitae filing for bankruptcy š¢ https://t.co/zbLwFstuFI
Genetic test maker Invitae prepares for bankruptcy - WSJ https://t.co/HAxGZ4y6bF https://t.co/p7cLIx69nk
Invitae down -70% on the rumours it'll declare bankruptcy soon https://t.co/5mQj4u7gGi
Invitae ($NVTA) quickly dropped 36% amid a report that it's hired restructuring advisers and is preparing for bankruptcy within weeks. https://t.co/LAg67Ct4rO
Genetic test maker Invitae prepares for bankruptcy - WSJ https://t.co/qgr5ouXwnL https://t.co/ITtKxl5Ain
*INVITAE SINKS AS MUCH AS 74% ON WSJ REPORT OF BANKRUPTCY PLANS
$NVTA ā SoftBank-Backed Medical Genetics Company Invitae Prepares for Bankruptcy Within Weeks, Sources Say -- WSJ ā Invitae Hires FTI, Kirkland & Ellis to Advise Options to Address $1.5 Billion of Debt, Sources Say -- WSJ
Turns out, $NVS can only afford to buy assets that failed in their clinical trials. š¤£ $CYTK $MOR