SoftBank Group Corp. is looking to lead an investment of almost $1.2 billion into genetic-testing provider Invitae Corp., according to the WSJ.

  • The investment will be in the form of convertible debt to assist Invitae in gaining a broader use of its platform. The announcement is scheduled to be made Monday.
  • Invitae shares tripled in the past year, closing Thursday at $39.19 apiece to bring the company’s market value to $7.7 billion. The notes have an initial conversion price of $43.18 per share, a 20% premium to the company’s trailing five-day average as of April 1.
  • SoftBank has been making big investments in private technology startups from a $100 billion fund. Its recent investments include convertible debt invested in Pacific Biosciences of California Inc. which produces DNA-sequencing systems.
  • The investments are in line with SoftBank’s plan to boost its biotech and life-sciences portfolio. It has also recently invested in the initial public offerings of several American life-sciences firms.