- Berkeley Lights ( NASDAQ: BLI ) said on Wednesday it had agreed to acquire IsoPlexis ( NASDAQ: ISO ) in an all-stock transaction valued at $57.8M
- ( BLI ) is down ~7% after the bell, while ISO is up 44% .
- IsoPlexis current market capitalization is $29.7M.
- The combined company, which will be named PhenomeX ( CELL ), will be a premier functional cell biology company that provides live cell biology research tools which deliver new perspectives on phenomes.
- Under the deal, IsoPlexis shareholders will receive 0.612 shares of Berkeley Lights stock for each IsoPlexis share they hold.
- 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, the companies said.
- The combined company anticipates delivering cost synergies of approximately $70M annualized by 2024. The new company is expected to generate positive operating cash flow at $150M in revenue by 2024.
For further details see:
Isoplexis surges 44% as Berkeley Lights to acquire company for $57.8M