2022-01-24 08:41:01 FLDM Fluidigm
Danaher
01/24/22 01/2408:41 01/24/2208:41 | Fluidigm announces $250M capital infusion from Casdin Capital, Viking GlobalFluidigm (FLDM) announced that its Board of Directors has unanimously approved a $250M investment by leading life sciences investors Casdin Capital and Viking Global Investors. "The investment will significantly advance the Company's mission through new organic and inorganic growth initiatives while optimizing its cost structure. Upon closing of the investment, which is expected in late Q1, Fluidigm will change its name to Standard BioTools, better reflecting its ambitions to become an essential solutions partner to the life science industry focused on the highest growth areas of biological discovery and development," the company said. Upon closing, Dr. Egholm will serve as President and CEO and as a member the Board of Directors. Egholm will succeed Chris Linthwaite, who continues as Fluidigm's Chief Executive Officer until the earlier of closing or May 15, 2022, and who will remain in an advisory role until November 30, 2022 to ensure a smooth transition. Egholm's prior senior roles include being the Chief Technology Officer of Danaher (DHR) Life Sciences and leading Danaher's corporate venture fund. Additionally, Alex Kim will join as Chief Operating Officer. Kim was most recently President of the Healthcare Division at Milliken & Company. In connection with the investment, Casdin and Viking each will be entitled to appoint one director to the Standard BioTools Board. Casdin has chosen Eli Casdin as its Board appointee and Viking has selected Dr. Martin Madaus. Two current company directors will step down at the closing of the investment such that the Board will continue to comprise seven directors. Under the terms of the agreement, Casdin and Viking will purchase $250 million aggregate principal amount of zero-coupon convertible preferred shares with a conversion price of $3.40 per share. The conversion price represents a conversion premium of approximately 19.7% over the closing price of Fluidigm's common stock of $2.84 per share on January 21, 2022. From the $250M aggregate investment commitment, Casdin and Viking are providing immediate financing of $25M in the form of convertible unsecured term loans to support Fluidigm's continuing operations. The transaction, which is expected to close in the first quarter of 2022, is subject to the satisfaction of customary closing conditions, including approval by Fluidigm stockholders and applicable regulatory approvals. Fluidigm
Danaher
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