Berkeley Lights Inc (NASDAQ: BLI) has agreed to acquire IsoPlexis Corp (NASDAQ: ISO) in an all-stock transaction valued at $57.8 million.
The combined company, which will be named PhenomeX, will be an operating cell biology company that provides live cell biology research tools.
Under the terms of the agreement, IsoPlexis shareholders will receive 0.612 shares of Berkeley Lights stock for each IsoPlexis share they hold.
Following the close of the transaction, Berkeley Lights shareholders will own approximately 75.2% of the combined company, and IsoPlexis shareholders will own approximately 24.8%.
Siddhartha Kadia will serve as CEO and a member of the combined company’s Board of Directors; and
Sean Mackay is expected to be appointed chief product officer of the combined company.
The combined company anticipates delivering cost synergies of approximately $70 million annualized by 2024. The new company is expected to generate a positive operating cash flow of $150 million in revenue by 2024.
The transaction is expected to close in the first quarter of 2023.
Price Action: ISO stock is up 62.30% at $1.12 during the premarket session on the last check Thursday. BLI stock is down 8.79% at $2.18.
See more from Benzinga
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Source: https://finance.yahoo.com/news/berkeley-lights-scoops-isoplexis-creating-123747395.html