Berkeley Lights Inc., a life sciences company, has bought IsoPlexis Corp. for $57.8 million in stock.
Isoplexis’ products are used by pharmaceutical companies looking to develop drugs for cancer and other diseases. IsoPlex shareholders will receive 0.612 shares of Berkeley Lights stock for each IsoPlexis share they hold, Bloomberg News reported. Berkeley Lights shareholders will own 75.2 percent of the combined company, which will be renamed PhenomeX. The deal comes after Berkeley Lights’ Siddhartha Kadia outlined a goal of driving growth through mergers and acquisitions in August, aiming to transform the company from a technology platform into a life science tools service company, Bloomberg reported.
Cowen Inc. and Freshfields Bruckhaus Deringer LLP advised Berkeley Lights, while IsoPlexis was advised by Evercore Inc. and Cravath, Swaine & Moore LLP.