Why the price went up today


  • Fluidigm Corporation (NASDAQ: FLDM) stock price rose 4.93% today. That’s why it happened.

Fluidigm Corporation (NASDAQ: FLDM) stock price rose 4.93% today. Investors are responding positively to Fluidigm’s announcement that its board of directors has unanimously approved a $250 million investment by leading life sciences investors Casdin Capital and Viking Global Investors LP.

This investment will significantly advance the company’s mission through new organic and inorganic growth initiatives while optimizing its cost structure. And upon closing of the investment, which is expected at the end of the first quarter, Fluidigm will change its name to Standard BioTools, better reflecting its ambitions to become an essential solutions partner for the life sciences industry focused on fastest growing areas of biological discovery and development.

Upon completion of the agreement, Dr. Egholm will serve as President and Chief Executive Officer and a member of the Board of Directors. And Egholm will succeed Chris Linthwaite, who remains CEO of Fluidigm until the closing date or May 15, 2022, and who will remain in an advisory role until November 30, 2022, to ensure a smooth transition.

KEY QUOTES:

“This investment is the culmination of our Board of Directors’ comprehensive review of a wide range of options aimed at maximizing shareholder value. Casdin and Viking are leading investors with a proven track record of partnering with life sciences and biotech companies to drive growth, scale, financial performance and value creation. This significant capital injection and strategic initiative will not only strengthen our balance sheet, but accelerate growth and innovation to create significant value for all stakeholders.

— Dr. Carlos V. Paya, President of Fluidigm

“We are seeing the next wave of innovation in the life science tools industry, which promises to advance biological knowledge, deliver powerful products and substantial returns for investors. That said, fully realizing this vision requires scale and execution, a persistent bottleneck in our industry. This transformative transaction brings a world-class team, a large amount of capital and a clear strategic vision to optimize, consolidate and drive profitability to become a leading provider of diversified life science tools. It’s an exciting time and a great way to kick off the new year! »

— Chief Investment Officer and Founder of Casdin, Eli Casdin

“The company has vast untapped potential to bring its cutting-edge technologies, such as CyTOF®, to a broader set of biopharmaceutical and pharmaceutical customers around the world.”

— Dr. Martin D. Madaus, former Chairman and CEO of Millipore Corporation and Ortho Clinical Diagnostics

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

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