The registration statement for the merger between CM Life Sciences II and SomaLogic has been declared effective by the SEC.
The SPAC plans to acquire the proteomics company for $651 million in cash.
Terms call for 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 company would have an enterprise value of $1.23 billion.
Pending shareholder approval, upon closing the combined company will list on the Nasdaq under SLGC. The deal is expected to close in the third quarter. Read more.
