SoftBank Group Corp. plans to lead an investment of nearly $1.2 billion into genetic-testing provider Invitae Corp., as the Japanese technology giant ramps up an effort to put more money into public companies.
The investment, in the form of convertible debt, is designed to help Invitae gain broader use of its platform, the companies plan to announce Monday. Invitae shares have tripled in the past 12 months, closing Thursday at $39.19 apiece and giving the company a market value of roughly $7.7 billion. The notes have an initial conversion price of $43.18 per share, a 20% premium to the company’s trailing 5-day average as of April 1.
SoftBank, best known lately for making big investments in private technology startups out of a $100 billion fund, has been pushing more lately into public companies.of Pacific Biosciences of California Inc., which produces next-generation DNA-sequencing systems used to research diseases and develop treatments.
Genetic testing allows kids like my 5 year old son get a diagnosis of his rare, fatal, neurodegenerative, Jewish Genetic Disease 🧬 💔
I am an Invitae client—indirectly through Stanford. As a cancer patient, in 2017 Stanford contracted Invitae to manage my genetic assessment (which I paid in full out of pocket). The services Invitae provides are CRITICAL to patients like me!
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