SFTBY - SoftBank-Backed Genetic Testing Invitae's Descent from $7B Valuation to Near-Bankruptcy | Benzinga
Invitae Corporation (NYSE:NVTA), backed by SoftBank Group (OTC:SFTBY) (OTC:SFTBF), is reportedly on the brink of filing for bankruptcy in the coming weeks.
The San Francisco-based medical genetics company, grappling with a substantial $1.5 billion debt burden, is enlisting the expertise of restructuring advisers from FTI Consulting and legal counsel from Kirkland & Ellis to navigate its financial challenges.
Amidst this financial turmoil, Invitae is actively exploring various strategic options, and bankruptcy is a prominent consideration.
The company, known for its aggressive acquisition approach in recent years, has initiated the shedding of assets and cost-cutting ...