© Reuters. FILE PHOTO: The SoftBank Corp logo appears at a press conference in Tokyo.
(Reuters) -Invitae Corp said on Monday that a group of investors, including SoftBank Group Corp, will invest $ 1.15 billion in the American genetic diagnostic company. He said that the investment, which will be used for its growth initiatives, will be in senior convertible notes, which will bear interest of 1.5% 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% over Invitae’s (NYSE 🙂 closing price on Friday. Earlier this year, SoftBank invested $ 900 million in California Inc.’s San Francisco-based genetic sequencing firm Pacific Biosciences (NASDAQ 🙂 Invitae offers genetic testing services for a variety of diseases, including conditions of the skin and eye cancers and reproductive health in and outside the United States. Shares in the company, which began operations in 2010, have more than tripled in the past twelve months, giving it a market valuation of $ 7.7 billion. J. Wood Capital Advisors LLC and Perella Weinberg Partners LP were financial advisors to Invitae on the transaction.