Invitae Shares Are Trading Higher On SoftBank's Potential $1.2B Debt Investment: WSJ

Loading...
Loading...
  • Japanese technology firm SoftBank Group Corp SFTBY SFTBF is planning to infuse around $1.2 billion via convertible debt into genetic-testing provider Invitae Corp NVTA, the Wall Street Journal reports.
  • The convertible debt investment will help Invitae to expand its platform utility. The notes have an initial conversion price of $43.18 per share, signifying a 20% premium to the company’s trailing 5-day average as of April 1.
  • Invitae’s shares have tripled in a year. The stock closed at $39.19 last Thursday, hitting a market valuation of $7.7 billion. 
  • SoftBank’s investments are aimed at biotech and life-science portfolio expansion. It has recently invested in multiple U.S. life-sciences company initial public offerings (IPOs). SoftBank’s public holdings included Pacific Biosciences Of California Inc PACB4D Molecular Therapeutics Inc FDMT, and AbCellera Biologics Inc ABCL.
  • Price action: NVTA shares traded higher by 9.9% at $42 in the premarket session on the last check Monday.
Posted In: NewsHealth CareOfferingsMediaGeneralWall Street Journal
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...