Casdin Capital, Viking Global Investors Inject $250M In Fluidigm
Fluidigm Corporation (NASDAQ: FLDM) has approved a 0 million investment by Casdin Capital LLC and Viking Global Investors LP with zero-coupon convertible preferred shares with a conversion price of $3.40/share.
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 Inc.
Upon closing, Egholm will succeed Chris Linthwaite, President & CEO.
To ensure a smooth transition, Chris Linthwaite will continue as Fluidigm's CEO until May 15, 2022, and remain in an advisory role until November 30, 2022.
Additionally, Alex Kim will join as Chief Operating Officer and lead transformation activities.
Casdin has chosen Eli Casdin as its Board appointee, and Viking has selected Dr. Martin D. Madaus.
Two current company directors will step down at the closing of the investment.
The preferred shares will represent approximately 42.4% of Fluidigm's pro forma shares outstanding on an as-converted basis.
The transaction will close in Q1 of 2022.
Price Action: FLDM shares are up 0.35% at $2.85 during the market session on the last check Monday.
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