SFTBY - Invitae gains on reports of $1.2 billion Softbank-backed investment

SoftBank Group (SFTBY) (SFTBF) is planning a $1.2B investment in Invitae (NVTA) in the form of convertible debt, the Wall Street Journal reports.The initial conversion price of $43.18 per share implies a ~20% premium to the trailing five-day average of Invitae shares. The stock is up ~7.2% in the pre-market.The investment is intended to further broaden the use of the genetic test maker’s platform, according to the publication.In a bullish thesis on Invitae, Seeking Alpha contributor Robert F. Abbott noted the interest of institutional investors in the stock with over three-quarters of ownership in company shares.

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Invitae gains on reports of $1.2 billion Softbank-backed investment