While the market ditched shares of many other diagnostics firms, analysts said the reaction was overblown, particularly in the case of Quidel and molecular diagnostics players.
The deal consists of cash, Bionano common stock, and assumption of liabilities. Bionano has also paid off $1.1 million loaned to Lineagen under the CARES act.
The sequencing firm is offering 19.4 million shares of common stock at $4.47 per share and plans to use the proceeds for product launches, among other uses.