IsoPlexis jumps on buyout deal from Berkeley Lights

Former BL Stores

22/12/2022 15:52

(Updates)
    ** Shares of life sciences co IsoPlexis Corp  ISO.O  surge
81.1% to $1.25 
    ** Stock set for a record one-day pct. gain 
    ** Berkeley Lights Inc  BLI.N  said late on Wednesday it
will acquire ISO in an all-stock transaction valued at $57.8 mln
to increase profitability by strengthening its life sciences
portfolio
    ** Combined co to be named PhenomeX, to trade on Nasdaq
index under the ticker 'CELL'
    ** Under the agreement, ISO's shareholders will receive
0.612 shares of BLI stock for each IsoPlexis share they hold -
more than double premium to ISO's last close
    ** BLI shareholder to own 75.2% of the combined company,
following the close of transaction
    ** Including session gains, ISO stock has fallen ~87% YTD
 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))