Monday 27 March 2023

California-based life sciences tools company Berkeley Lights, Inc. (NASDAQ: BLI) has acquired Connecticut-based life sciences solutions provider IsoPlexis Corp. (NASDAQ: ISO), to form functional cell biology provider PhenomeX, the company said.

Under the terms of the merger agreement, IsoPlexis shareholders received, for each share of IsoPlexis stock, 0.612 shares of Berkeley Lights common stock (which will be automatically converted into shares of PhenomeX common stock).

With the transaction complete, former Berkeley Lights and IsoPlexis shareholders own approximately 75.2 % and 24.8 % of the combined company, respectively.

The newly combined company's common stock trades on NASDAQ under the ticker symbol CELL.

PhenomeX is positioned to be the provider of life sciences solutions that have the greatest impact advancing the era of the phenome as the next revolution in biology and medicine unfolds. Its brand reflects the company's mission to empower scientists to leverage the full potential of each cell and drive the next era of functional cell biology that will advance human health.

Cowen is acting as financial advisor to Berkeley Lights, and Freshfields Bruckhaus Deringer LLP is serving as legal counsel. Evercore is serving as financial advisor to IsoPlexis and Cravath, Swaine & Moore LLP is serving as legal counsel.