SomaLogic announced this morning it wil lmerge with CM Life SCiences II for $651 million in cash, confirming weekend reports that a deal was imminent.
Financing includes a fully committed PIPE of $375 million from both new and existing investors including Casdin Capital, Corvex Management, Janus Henderson Investors, SB Management, a subsidiary of SoftBank Group Corp, T.Rowe Price Associates, separate accounts advised by ARK Invest, Farallon Capital, Perceptive Advisors, funds and accounts managed by Counterpoint Global (Morgan Stanley), a new strategic investor Illumina, and an existing strategic investor, Novartis Pharma AG.
The combined comapny would have an enterprise value of $1.23 billion.
Pending shareholder approval, upon closing the transaction CM Life Sciences II will be renamed and its common stock will list on the Nasdaq under SLGC. The deal is expected to close in the third quarter.
SomaLogic is a commercial stage proteomics company with over 300 established industry partnerships and customers. Read more.
