Photographer: Kiyoshi Ota / Bloomberg
Photographer: Kiyoshi Ota / Bloomberg
Genetic testing company Invitae Corp. intends to raise about $ 1.2 billion from investors, inclusive SoftBank Group Corp., with an announcement scheduled for Monday, Dow Jones reported.
The investment will be in the form of convertible debt and is meant to help Invitae expand its use of the platform, the publication said. The San Francisco company’s shares have tripled in the past 12 months and closed at $ 39.19 on Thursday in US trading, pushing its market valuation to $ 7.7 billion.
SoftBank founder Masayoshi Son has expanded its investments in listed companies in recent months, including Amazon.com Inc., Facebook Inc. and Alphabet Inc. The Japanese billionaire previously created a $ 100 billion vision fund to invest in private startups, betting on companies such as Didi Chuxing and DoorDash Inc.
Bloomberg news reported for the first time in February that SoftBank planned to expand its investments in biotechnology and healthcare. As of December 31, the company’s public participations were included Pacific Biosciences of California Inc., 4D Molecular Therapeutics Inc. and AbCellera Biologics Inc.