What happened Shares of Pacific Biosciences of California (NASDAQ: PACB) surged 16% on Wednesday after the DNA sequencing leader said it obtained a strategic investment from Japanese technology conglomerate SoftBank Group (OTC: SFTB.Y). So what Softbank subsidiary SB Management will purchase $900 million in convertible senior notes that it can convert into PacBio stock at a price of $43.50 per share. The notes mature on Feb. 15, 2028, and pay 1.5% interest annually. Shares of Pacific Biosciences rose sharply on Wednesday following its deal with SoftBank. Image source: Getty Images. PacBio said the cash will help it broaden its product portfolio and fast-track its commercialization plans. "This strategic investment by SoftBank validates our leadership position in the long-read DNA sequencing market and enables us to further accelerate our growth strategies," PacBio CEO Christian Henry said in a press release. Now what PacBio is a leader in high-fidelity (HiFi) DNA-sequencing platforms, which produce accurate and complete data that researchers can use to study genetic diseases. The goal is to give doctors a better understanding of how genes contribute to human health, so they can develop more effective treatments for a wide range of genetic disorders. "We believe that PacBio's HiFi sequencing will be the de facto standard tool for population genomics fundamentally altering the practice of healthcare," SB Management CEO Akshay Naheta said. 10 stocks we like better than Pacific Biosciences of CaliforniaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Pacific Biosciences of California wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source