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Here's Why Pacific Biosciences of California Stock Popped Today

TheMotleyFool

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Here's Why Pacific Biosciences of California Stock Popped Today

Shares of Pacific Biosciences of California (NASDAQ: PACB) surged 16% on Wednesday after the DNA sequencing leader said it obtained a strategic investment from Japanese technology conglomerate SoftBank Group (OTC: SFTB.Y).

Softbank subsidiary SB Management will purchase $900 million in convertible senior notes that it can convert into PacBio stock at a price of $43.50 per share. The notes mature on Feb. 15, 2028, and pay 1.5% interest annually.

Shares of Pacific Biosciences rose sharply on Wednesday following its deal with SoftBank. Image source: Getty Images.

Source Fool.com

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