SoftBank To Invest $900M In Pacific Biosciences - WSJ

  • SoftBank Group Corp SFTBY will reportedly invest $900 million into Pacific Biosciences of California Inc (NASDAQ: PACB), according to the Wall Street Journal, which comes on top of around 6% stake in PacBio that Softbank amassed almost a month back, worth over $350 million.
  • Last year, PACB was blocked by U.S. antitrust enforcers from merging with Illumina in a $1.2B deal. Illumina paid PacBio a $98 million breakup fee. But under their arrangement, if PacBio raised more than $100 million subsequently, it would owe Illumina $52 million. PacBio will now have to pay that amount.
  • The company recently announced a multi-year collaboration with Invitae Corp (NYSE: NVTA) to begin developing a production-scale high-throughput sequencing platform leveraging PacBio’s HiFi sequencing to expand Invitae’s whole genome testing capabilities.
  • Both companies committed resources to support the development.
  • Price Action: PACB gained 4.45% at $41.3 in premarket trading on the last check Wednesday, while NVTA closed 3.5% higher at $52.6 on Tuesday.
  • Image Courtesy: Wikimedia

Posted In: BiotechM&ANewsOfferingsTop StoriesTechGeneral

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