Berkeley Lights To Buy IsoPlexis In An All-stock Deal

(RTTNews) - Life sciences tools company Berkeley Lights (BLI) has agreed to buy IsoPlexis (ISO) in an all-stock transaction valued at $57.8 million.

The combined company, which will be named PhenomeX (CELL), will be a functional cell biology company that provides live cell biology research tools which deliver deep insights into cellular function and new perspectives on phenomes.

Under the terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, 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 percent of the combined company, and IsoPlexis shareholders will own approximately 24.8 percent of the combined company.

"The combination of Berkeley Lights and IsoPlexis represents an important milestone and fuels our transformation into a growing, profitable, and sustainable life sciences company," said Siddhartha Kadia, Ph.D., chief executive officer of Berkeley Lights. "This transaction accelerates our progress across every core pillar of our strategic plan and creates a path to achieving positive operating cash flow earlier than we expected to as a standalone company. We look forward to joining forces with the IsoPlexis team as we embark on this next chapter and create value for our shareholders, employees, and customers."

The transaction is expected to close in the first quarter of 2023.