Berkeley Lights Completes Acquisition of IsoPlexis Forming PhenomeX, the Functional Cell Biology Company
Berkeley Lights, Inc. has completed its acquisition of IsoPlexis Corporation, leading to the formation of PhenomeX. Trading under the ticker CELL, this newly merged entity aims to be a leader in life sciences solutions. The merger is expected to deliver $70 million in cost synergies and boost profitability as it targets a growing market for functional cell biology. In 2022, the combined revenue was approximately $95 million, with a significant installed base of instruments in major pharmaceutical companies and cancer centers. Share distribution post-merger shows Berkeley Lights shareholders owning roughly 75.2% of PhenomeX.
- Formation of PhenomeX expected to deliver $70 million in cost synergies.
- Combined revenue of $95 million for 2022 strengthens financial outlook.
- Extensive installed instrument base supports market expansion.
- None.
PhenomeX to begin trading under symbol (NASDAQ: CELL)
PhenomeX is positioned to be the leading 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. The new company aims to offer a compelling value proposition to customers, partners, and shareholders by:
- Offering an expanded product portfolio at different price points with a focus on recurring revenue;
- Growing its share in a larger cell biology market through expanding its diversified customer base
- Enhancing its commercial scale and execution;
- Delivering
in cost synergies to pursue profitability and advance the path to cash flow breakeven; and$70 million - Serving as a platform for further consolidation in the high-growth, single-cell biology tools space.
The successful combination of
"Today begins a new chapter as we bring together two industry pioneers focused on empowering researchers to make breakthrough discoveries by leveraging the full potential of functional cell biology," said
Share Distribution
Under the terms of the merger agreement entered into on
Advisors
Cowen is acting as financial advisor to
About
PhenomeX is empowering scientists to leverage the full potential of each cell and drive the next era of functional cell biology that will advance human health. We enable scientists to reveal the most complete insights on cell function and obtain a full view of the behavior of each cell. Our unique suite of proven high-throughput tools and services offer unparalleled resolution and speed, accelerating the insights that are key to advancing discoveries that can profoundly improve the prevention and treatment of disease. Our award-winning platforms are used by researchers across the globe, including those at the top 15 global pharmaceutical companies and approximately
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on the Company's beliefs and assumptions and on information currently available to it on the date of this press release. In some cases, you can identify forward-looking statements by the words "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "positioned," "potential," "predict," "project," "should," "will," "would" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. All statements contained in this release that are not statements of historical fact are forward-looking statements, including but not limited to statements regarding expected benefits from the merger with
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