SoftBank Invests in Pacific Biosciences

SoftBank invests $900 million in gene sequencing firm Pacific Biosciences. As a result of the investment, shares of Pacific Biosciences surged 9 percent during pre-market trading. As part of the investment, SoftBank will buy $900 million in convertible senior notes due 2028 with an initial conversion price of $43.50 for each share of Pacific Biosciences.

The conversion price represents a 10 percent premium to the company’s closing price as on Feb. 9, 2021. According to reports, the company had diluted earnings per share of $0.37. This fell short of analysts' predictions of $0.42. Their revenue fell by 3 percent year-on-year to $27.1 million. This exceeded consensus estimates of $24.8 million.

The company expects 2021 to be an expanding year, as they plan to double their sales f...

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