Standard Biotools and Somalogic have entered into a merger agreement worth over $1bn, to become the industry leader formulti-omics tools for research. Somalogic shareholders will receive 1.11 shares of Standard BioTools’ common stock for every share owned by SomaLogic.
Standard Biotools focuses on developing and manufacturing biological research equipment based on integrated fluidic circuit technology. Somalogic is a protein biomarker discovery and clinical diagnostics company.
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The combined company will cover fifty countries and is expecting over $180m of pro-forma combined revenue in 2023. By 2026, the merger is expected to save $80m annually, and estimate over $500m in cash and cash equivalents at close. The company will utilise facilities in California, Colorado, Massachusetts, Canada, and Singapore.
The merger is expected to close in the first quarter of next year, pending a shareholder vote. The company will use the Standard Biotools name, after it was acquired by Fluidigm in 2022, following a $250m investment from Casdin Capital and Viking Global Investors.
In January 2022, Somalogic entered into a collaboration with Illumina in a multi-year partnership deal to develop and integrate NGS-based protein identification and measurement tools in laboratories globally.
The announcement also comes with changes to leadership. Michael Egholm, who has been CEO of Standard Biotools since it was acquired by Fluidigm in 2022, will remain CEO of the new company. Three members from each company will merge to form the board. Somalogic’s Tom Carey will serve as chairman.
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By GlobalData
