TOKYO — Japan’s SoftBank Group will make investments $900 million in a U.S. developer of gear for genetic evaluation, constructing on its earlier funding within the firm.
Nasdaq-listed Pacific Biosciences of California mentioned Wednesday that SoftBank Group agreed to purchase convertible bonds via subsidiary SB Administration.
The contemporary capital infusion comes as billionaire Masayoshi Son’s SoftBank Group, recognized for troubled bets on tech names like Uber and WeWork, diversifies its portfolio with primarily U.S. listed corporations.
“We imagine that PacBio’s HiFi sequencing would be the de facto normal device for inhabitants genomics, basically altering the observe of well being care,” SB Administration CEO Akshay Naheta mentioned in an announcement.
Pacific Biosciences, which produces high-speed genetic sequencing platforms, reported about $91 million in income and a web lack of $84 million for 2019. Its shares closed with a 16% acquire Wednesday on information of the capital infusion.
Pacific Biosciences will use the brand new funding to deliver next-generation expertise to market.
The funding “permits us to additional speed up our progress methods,” Pacific Biosciences President and CEO Christian Henry mentioned in an announcement.