Pryor Cashman Represents Soleus Capital in $1.4 Billion Sale of ArcherDX to Invitae
Pryor Cashman is representing Soleus Capital in connection with the recently announced $1.4 billion sale of ArcherDX, Inc., a leading genomic analysis company focused on precision oncology, to Invitae Corporation (NYSE: NVTA), a leading medical genetics testing company. Soleus is currently an investor in ArcherDX and will also be making an equity investment in Invitae as part of the transaction.
On June 22, 2020, only several weeks after ArcherDX filed with the SEC for a proposed $100 million IPO, ArcherDX announced that they entered into a definitive agreement to be acquired by Invitae in a combined stock and cash transaction valued at approximately $1.4 billion. Invitae’s acquisition of ArcherDX will create a single platform offering patients a full suite of cancer testing for risk, therapy optimization, and personalized cancer monitoring.
In addition to participating in the transaction as a stockholder of ArcherDX, Soleus committed to participate in Invitae’s $275 million common stock private placement, alongside a prominent group of institutional investors, as part of Invitae’s financing of the cash portion of the acquisition. The deal is expected to close later this year.
Pryor Cashman is advising Soleus in connection with both the sale of ArcherDX and their equity investment in Invitae. Pryor Cashman previously represented Soleus in connection with their original Series C investment in ArcherDX back in December 2019.
The press release announcing the deal can be found here.
The Pryor Cashman team was led by partner Michael Weinsier, co-head of the firm’s Private Equity practice, along with assistance from Corporate partners Michael Campoli and Ali Panjwani and Corporate associate Royce Liu.
About Soleus Capital
Soleus Capital Management, L.P. is a healthcare investment firm focused on the innovative areas of life sciences, including biotechnology and medical technology. Soleus Capital’s interest spans across the healthcare lifecycle from developmental-stage companies through commercial companies
