Invitae Strengthens Health Data Platform With Ciitizen Acquisition

Invitae Corp NVTA has agreed to acquire consumer health technology company Ciitizen for $325 million in a bid to make it easier for patients to collect their genomic and clinical information.
Ciitizen, backed by several investors, including a16z, Section 32, and Verily, is building a digital platform that will enable patients to collect, store, and share their medical records.
Invitae has been expanding the genomic content of its testing platform and investing in software and data science capabilities to analyze patient data.
Ciitizen can help it create a centralized hub for medical data to inform research and improve medical decision-making.
Invitae said in a statement that it had raised more than $1.4 billion since the start of the year, which it plans to spend partly on acquiring new capabilities.
Under the terms of the deal, Invitae will acquire Ciitizen for around $125 million in cash and about 7 million shares.
Invitae will also issue approximately $225 million in restricted stock units to Ciitizen employees who join Invitae as part of the acquisition.
Price Action: NVTA shares are down 0.61% at $31.05 during the market session on the last check Tuesday.