TOKYO (dpa-AFX) - Pacific Biosciences of California, Inc. (PACB), a provider of long-read sequencing platforms, said Wednesday that SB Management will make an investment of $900 million in convertible senior notes to support the company's future growth initiatives. SB Management is a subsidiary of Japanese conglomerate Softbank Group Corp. (SFTBY.PK, SFTBF.PK).
'This strategic investment by SoftBank validates our leadership position in the long-read DNA sequencing market and enables us to further accelerate our growth strategies', said Christian Henry, President and Chief Executive Officer of Pacific Biosciences.
Under the terms of the investment, SB Management will purchase a total aggregate principal amount of $900 million in convertible senior notes due 2028.
The Notes will have an initial conversion price of $43.50 per share of the company's common stock, subject to customary anti-dilution and other adjustments. The initial conversion price represents a 10 percent premium to Pacific Biosciences's closing price on February 9, 2021.
Pacific Biosciences noted that the Notes will mature on February 15, 2028, unless earlier repurchased, redeemed or converted.
Copyright RTT News/dpa-AFX
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