SoftBank to Lead $1.2 Billion Investment in Invitae, Reports Dow Jones
SoftBank Group Corp. plans to lead an investment of about $1.2 billion into the genetic-testing company Invitae Corp., with an announcement planned for Monday, Dow Jones reported.
The investment will be in the form of convertible debt and is aimed at helping Invitae expand the use of its platform, the publication said. The deal is part of the Japanese company’s effort to put more money into public companies.
SoftBank founder Masayoshi Son has been increasing investments in public traded companies as he sells off certain assets. The Japanese billionaire had previously set up a $100 billion Vision Fund to invest in private startups.
Invitae shares have tripled in the past 12 months and closed Thursday at $39.19 in U.S. trading. The company’s market valuation is $7.7 billion.
Bloomberg News first reported in February that SoftBank planned to expand its investments in biotech and health care.