Berkeley Lights Scoops Up IsoPlexis, Creating A Premier Functional Cell Biology Company

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  • Berkeley Lights Inc BLI has agreed to acquire IsoPlexis Corp ISO in an all-stock transaction valued at $57.8 million.
  • The combined company, which will be named PhenomeX, will be an operating cell biology company that provides live cell biology research tools.
  • Under the terms of the agreement, IsoPlexis shareholders will receive 0.612 shares of Berkeley Lights stock for each IsoPlexis share they hold. 
  • Following the close of the transaction, Berkeley Lights shareholders will own approximately 75.2% of the combined company, and IsoPlexis shareholders will own approximately 24.8%.
  • Siddhartha Kadia will serve as CEO and a member of the combined company's Board of Directors; and
  • Sean Mackay is expected to be appointed chief product officer of the combined company.
  • The combined company anticipates delivering cost synergies of approximately $70 million annualized by 2024. The new company is expected to generate a positive operating cash flow of $150 million in revenue by 2024.
  • The transaction is expected to close in the first quarter of 2023.
  • Price Action: ISO stock is up 62.30% at $1.12 during the premarket session on the last check Thursday. BLI stock is down 8.79% at $2.18.
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