Invitae Corp said on Monday a group of investors including SoftBank Group Corp will invest 1.15 billion in the U.S. genetic diagnostics company.

It said the investment, to be used for its growth initiatives, will be in convertible senior notes, which will bear 1.5 interest per year.

The company said the notes will have an initial conversion price of 43.18 per share of its common stock, representing a premium of 10.2 to Invitaes closing price on Friday.

Earlier this year, SoftBank invested 900 million in gene sequencing firm Pacific Biosciences of California Inc.

San Franciscobased Invitae offers genetic testing services for a range of diseases, including skin and eye conditions, cancers as well as reproductive health in and outside the United States.

Shares of the company, which started operations in 2010, have more than tripled in the past twelve months, giving it a market valuation of 7.7 billion.

J. Wood Capital Advisors LLC and Perella Weinberg Partners LP were financial advisers to Invitae on the transaction.

Reporting by Amruta Khandekar in Bengaluru; Editing by Shinjini Ganguli

Source Reuters