Bionano Genomics shares surged more than 7% in morning trading

Bionano Genomics shares surged more than 7% in morning trading as Bionano Genomics to Buy BioDiscovery for Up to $100 Million.

Bionano Genomics, Inc. (BNGO) today announced that it has entered into a definitive agreement to acquire BioDiscovery, Inc., a leading software company with best-in-class solutions for analysis, interpretation and reporting of genomics data. The transaction is expected to accelerate and broaden Bionano’s market leadership in digital cytogenetics and comprehensive genome analysis. As a result of the transaction, Soheil Shams, PhD, Founder and Chief Executive Officer of BioDiscovery, will join Bionano’s leadership team as Chief Informatics Officer.

Transaction Details

Bionano’s transaction consideration will be up to $100 million, consisting of a combination of cash and equity. A portion of the equity is subject to vesting based on continued service of key employees and a portion of the cash is contingent on achieving full integration of OGM data into BioDiscovery’s software platform. The acquisition is expected to close before October 22, 2021.