Photographer: Kiyoshi Ota / Bloomberg
Photographer: Kiyoshi Ota / Bloomberg
The genetic testing company Invitae Corp plans to raise about $ 1.2 billion from investors, including SoftBank Group Corp., with an announcement scheduled for Monday, Dow Jones reported.
The investment will be in the form of convertible debt and is aimed at helping Invitae expand the use of its platform. The San Francisco-based stock has tripled in the past twelve months and closed at $ 39.19 in U.S. trading on Thursday, pushing its market valuation to $ 7.7 billion.
SoftBank founder Masayoshi Son has expanded his investments in listed companies in recent months, including in Amazon.com Inc., Facebook Inc. and Alphabet Inc. The Japanese billionaire previously set up a $ 100 billion Vision Fund to invest in private startups, betting on companies such as Didi Chuxing and DoorDash Inc.
Bloomberg News first reported in February that SoftBank plans to expand its investments in biotechnology and healthcare. On December 31, the company’s public assets were included Pacific Biosciences of California Inc., 4D Molecular Therapeutics Inc. and AbCellera Biologics Inc.