Benzinga | Sep 7, 2021 11:01AM EDT

Invitae Strengthens Health Data Platform With Ciitizen Acquisition

* Invitae Corp (NYSE: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.