By Reuters Staff
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FILE PHOTO: SoftBank Corp s logo is pictured at a news conference in Tokyo, Japan, Feb. 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo
(Reuters) -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.
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SAN FRANCISCO, April 5, 2021 /PRNewswire/ Invitae (NYSE: NVTA), a leading medical genetics company, today announced that a small group of investors, led by SB Management, a subsidiary of Softbank Group Corp., will make an investment of $1.15 billion in convertible senior notes to support the Company s future growth initiatives. Invitae s mission is to deliver genetic information to improve healthcare for billions of people at all stages of life. With the support of our long-term shareholders, we re creating the platform to support the routine use of genetics in mainstream medicine to result in better healthcare for everyone, said Sean George, co-founder and chief executive officer of Invitae. This investment will help us continue to fuel our growth, including expanding our platform, services and menu through both in-house development and the addition of complementary companies and technologies as we work to build a differentiated platfo
The U.S. company says investment will be in senior convertible notes.
Invitae Corp will acquire genomics company Genosity for £144 million.
In an announcement on Monday, Invitae Corp (NYSE: NVTA) said it will receive £830 million investment from several investors, including the Japanese multinational conglomerate holding company, SoftBank Group Corp (TYO: 9984). As per the genetic diagnostics company, it will use the investment for its growth initiatives.
SoftBank shares that you can conveniently trade online via a range of user-friendly apps opened at £64.73 per share on Monday and are currently trading at a per-share price of £65.35. The Tokyo-based company had started the year 2021 at £52.37 per share.
SoftBank to lead nearly $1.2b funding in US diagnostics firm Invitae
FILE PHOTO: SoftBank Corp Representative Director and CTO Junichi Miyakawa speaks during their joint news conference with Toyota Motor Corp Executive Vice President Shigeki Tomoyama (not pictured) in Tokyo, Japan October 4, 2018. REUTERS/Issei Kato
April 5, 2021
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.