Just released: I owned Invitae This is what it taken place in Biotech. While others sleep.
12:07 PM EDT, 06/22/2020 (MT Newswires) -- Invitae (NVTA) plans to acquire ArcherDX for up to $1.4 billion, including 30 million Invitae shares, $325 million cash, and plus up to an additional 27 million shares payable with the achievement of certain milestones.
The deal, already approved by both boards, would bring germline and somatic testing, liquid biopsy and tissue genomic profiling onto a single platform, offering patients a full suite of cancer testing for risk, therapy and monitoring, according to a statement.
Invitae said it has arranged over $400 million financing commitments from a syndicate of life sciences investors, led by Perceptive Advisors. The firm said it is selling $275 million shares in a private placement at $16.85 per share to investors, including Casdin Capital, Deerfield Management and Driehaus Capital. It also secured credit facility for up to $200 million.
Invitae shares surged about 36% on the deal.
Price: 25.52, Change: +6.81, Percent Change: +36.40