Berkeley Lights Scoops Up IsoPlexis, Creating A Premier Functional Cell Biology Company

Author: Vandana Singh | December 22, 2022 08:37am

• Berkeley Lights Inc (NASDAQ:BLI) has agreed to acquire IsoPlexis Corp (NASDAQ:ISO) in an all-stock transaction valued at $57.8 million.
• The combined company, which will be named PhenomeX, will be an operating cell biology company that provides live cell biology research tools.
• Under the terms of the agreement, IsoPlexis shareholders will receive 0.612 shares of Berkeley Lights stock for each IsoPlexis share they hold. 
• Following the close of the transaction, 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; and
• Sean Mackay is expected to be appointed chief product officer of the combined company.
• The combined company anticipates delivering cost synergies of approximately $70 million annualized by 2024. The new company is expected to generate a positive operating cash flow of $150 million in revenue by 2024.
• The transaction is expected to close in the first quarter of 2023.
• Price Action: ISO stock is up 62.30% at $1.12 during the premarket session on the last check Thursday. BLI stock is down 8.79% at $2.18.

Posted In: BLI ISO