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UPDATE 1-SoftBank to invest $900 mln in gene sequencing firm Pacific Biosciences

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(Adds details of the investment)

Feb 10 (Reuters) - Pacific Biosciences of California Incsaid on Wednesday SoftBank Group Corp willinvest $900 million in the gene sequencing firm, sending itsshares up 21% before the bell.

The latest healthcare investment from SoftBank, in the formof convertible debt, will help accelerate the commercializationof Pacific Biosciences' gene sequencing technology.

Last month, Bloomberg News reported that SoftBank had pickedup a 6% stake in the company.

Pacific Biosciences' stock has risen more than nine-fold inthe last 12 months and has a market value of $7.4 billion.

Menlo Park, California-based Pacific Biosciences, which wentpublic in October 2010, develops and manufactures DNA-sequencingsystems used for research and treatments. Its technology candecode extensive stretches of DNA with a high degree ofaccuracy.

SB Management, a unit of SoftBank Group Corp, will make theinvestment in convertible senior notes, which will have aninitial conversion price of $43.50 per share of PacificBiosciences.

In January 2020, Illumina Inc scrapped a $1.2 blnmerger with Pacific Biosciences, following an antitrustcomplaint that said the deal was meant to prevent the genesequencing company from developing into a competitor.

(Reporting by Dania Nadeem in Bengaluru; Editing by ShinjiniGanguli)