LAB - Standard BioTools Completes Merger with SomaLogic Creating a Diversified and Scaled Leader in Life Sciences Tools | Benzinga
SOUTH SAN FRANCISCO, Calif., Jan. 05, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ:LAB), driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health, today announced that it has completed its merger with SomaLogic, creating a leading provider of differentiated multi-omics tools for research.
Each SomaLogic stockholder will receive 1.11 shares of Standard BioTools common stock for each share of SomaLogic common stock owned. SomaLogic common stock and public warrants have ceased trading and will no longer be listed on the NASDAQ Global Select Market.
"This is an exciting day as we officially bring together the innovative multi-omic technologies and incredible talent of Standard BioTools and SomaLogic to create one company that is a diversified leader in life sciences tools," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "We are moving forward with a significantly expanded and diversified platform, greater financial flexibility and an accelerated path to profitability. As a larger well-capitalized company, we have greater capacity to self-fund future growth initiatives and accelerate research insights across the industry, better serving our customers and delivering sustainable long-term growth for our shareholders. We are focused on ensuring a smooth transition and achieving our stated commitments."
The combined company is poised to realize significant benefits as a multi-omic technology leader, targeting large, high growth markets with a diverse portfolio of life sciences tools that power industry-leading throughput and data quality. The combined company is moving forward focused on:
- Expanding its commercial reach and maximizing cross-selling opportunities through complementary offerings and end markets.
- Expediting scale to create an accelerated path to profitability with an estimated $80 million in annual cost synergies to be realized by 2026[1].
- Self-funding future growth initiatives through its formidable capital structure comprising over $500 million in cash and cash equivalents.
- Delivering additional meaningful value creation opportunities through a proven model that couples deep large-enterprise life sciences expertise and operating discipline.
Board and Leadership Team Appointments
As previously announced, in connection with the closing of the merger, Michael Egholm, Jeff Black and Alex Kim will continue to serve as Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of Standard BioTools, respectively. Adam Taich, SomaLogic's Interim Chief Executive Officer, has ...