Benzinga | Jan 24, 2022 12:42PM EST

Casdin Capital, Viking Global Investors Inject $250M In Fluidigm

Fluidigm Corporation (NASDAQ:FLDM) has approved a $250 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.