Berkeley Lights Completes Acquisition of IsoPlexis Forming PhenomeX, the Functional Cell Biology Company

2023-03-22

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PhenomeX to begin trading under symbol (NASDAQ: CELL) Berkeley Lights, Inc. (Nasdaq: BLI), a life sciences tools company, today announced that it has completed its previously announced acquisition of IsoPlexis Corporation (Nasdaq: ISO), a company empowering labs to leverage the cells and proteome changing the course of human health. The newly combined company has been renamed PhenomeX and its common stock will begin trading on Nasdaq under the ticker symbol "CELL" at market open tomorrow. 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 $70 million in cost synergies to pursue profitability and advance the path to cash flow breakeven; and Serving as a platform for further consolidation in the high-growth, single-cell biology tools space. The successful combination of Berkeley Lights and IsoPlexis lays the foundation for a financially strong life sciences tools company. In 2022, the two companies generated combined revenues of approximately $95 million, and the new company now has an installed instrument base of more than 400 units, including those placed with each of the top 15 pharmaceutical companies and approximately 85% of comprehensive cancer centers in the United States. PhenomeX will have a global commercial footprint with more than 100 talented customer-facing employees. This increased commercial footprint will vastly strengthen its ability to reach academic, biopharma and CRO companies across all geographies with an accelerated product roadmap. PhenomeX will also be significantly advantaged by an expansive intellectual property estate of more than 600 patents, giving the new company an edge unmatched by its competitors in the market. "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 Siddhartha Kadia, Ph.D., chief executive officer of PhenomeX. "As PhenomeX, we intend to continue our transformation into a growing and sustainable life sciences company and advance our path to profitability by accelerating our progress across every core pillar of our strategic plan. I look forward to working closely with our team to capture the significant opportunities we see ahead to power the next revolution in science and medicine while delivering value for our shareholders."

Share Distribution Under the terms of the merger agreement entered into on December 21, 2022, IsoPlexis shareholders received, for each share of IsoPlexis stock, 0.612 shares of Berkeley Lights common stock (which will be automatically converted into shares of PhenomeX common stock). With the transaction complete, former Berkeley Lights and IsoPlexis shareholders own approximately 75.2 percent and 24.8 percent of the combined company, respectively.

Advisors Cowen is acting as financial advisor to Berkeley Lights, and Freshfields Bruckhaus Deringer LLP is serving as legal counsel. Evercore is serving as financial advisor to IsoPlexis and Cravath, Swaine & Moore LLP is serving as legal counsel. About PhenomeX Inc. 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 85% of leading U.S. comprehensive cancer centers.

SOURCE Berkeley Lights, Inc.

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