ILMN - SPAC CM Life Sciences II jumps after confirming deal to take SomaLogic public

CM Life Sciences II (CMIIU), the SPAC backed by activist  Keith Meister’s Corvex Management LP and life-sciences investor Casdin Capital, gained 11% in premarket trading after confirming a deal to take protein-analysis company SomaLogic public.Financing includes a $375M pipe with investors including a Softbank (SFTBY) unit, Cathie Wood’s ARK Investment Management (ARKG) and gene-sequencing company Illumina (ILMN) and existing strategic investor Novartis Pharma (NVS).The deal is expected to close in Q3 ad SomaLogic will trade on the Nasdaq under ticker symbol “SLGC.”The combination is expected to provide up to $651M in cash proceeds for SomaLogic, expanding the cash on its balance sheet to $686M, according to a statement.The story was earlier reported by the WSJ.Recall Feb. 23, SPAC CM Life Sciences prices upsized $240M IPO.

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SPAC CM Life Sciences II jumps after confirming deal to take SomaLogic public