OPEN APP
Home >Companies >News >SoftBank to lead nearly $1.2 bln investment in diagnostics firm Invitae

SoftBank to lead nearly $1.2 bln investment in diagnostics firm Invitae

Earlier this year, SoftBank invested $900 million in gene sequencing firm Pacific Biosciences of California Inc. (REUTERS)Premium
Earlier this year, SoftBank invested $900 million in gene sequencing firm Pacific Biosciences of California Inc. (REUTERS)

  • Invitae said the investment, to be used for its growth initiatives, will be in convertible senior notes, which will bear 1.5% interest per year
  • J. Wood Capital Advisors LLC and Perella Weinberg Partners LP were financial advisers to Invitae on the transaction

Invitae Corp said on Monday a group of investors including SoftBank Group Corp will invest $1.15 billion in the U.S. genetic diagnostics company.

It said the investment, to be used for its growth initiatives, will be in convertible senior notes, which will bear 1.5% interest per year.

The company said the notes will have an initial conversion price of $43.18 per share of its common stock, representing a premium of 10.2% to Invitae's closing price on Friday.

Earlier this year, SoftBank invested $900 million in gene sequencing firm Pacific Biosciences of California Inc.

San Francisco-based Invitae offers genetic testing services for a range of diseases, including skin and eye conditions, cancers as well as reproductive health in and outside the United States.

Shares of the company, which started operations in 2010, have more than tripled in the past twelve months, giving it a market valuation of $7.7 billion.

J. Wood Capital Advisors LLC and Perella Weinberg Partners LP were financial advisers to Invitae on the transaction.

This story has been published from a wire agency feed without modifications to the text.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout