Telecommunications and internet group SoftBank’s Vision Fund has sold approximately $377m of shares in US-based, publicly-listed oncology diagnostics technology developer Guardant Health, Bloomberg reported yesterday, citing a regulatory filing.
The fund sold 4.9 million shares at a price of $77 each, more than four times the price at which Guardant floated in October 2018, though below the $110.30 price at which they peaked last month. SoftBank and its affiliates held almost 27.9 million shares as of the initial public offering.
Guardant is developing blood tests to detect early signs of cancer in high-risk populations, or returning cancer in existing patients. It increased revenue 178% year on year to $54m for the second quarter of 2019, while almost halving its losses to $11.6m over the same period.
The company raised about $550m in funding prior to going public in the $238m IPO, and a further $322m in a follow-on offering in May this year.
SoftBank led a $360m round for Guardant in mid-2017 that included Temasek, Sequoia Capital, Khosla Ventures, Lightspeed Venture Partners, OrbiMed, 8VC and funds and accounts managed by T. Rowe Price.
News of the deal came as SoftBank pledged to buy at least $750m shares in the forthcoming IPO for one of its other portfolio companies, shared workspace provider We Company.
