SomaLogic up on all-stock merger with Standard BioTools

Standard BioTools

04/10/2023 14:22

** Shares of medical equipment supplier SomaLogic  SLGC.O 
up 5.7% at $2.43 premarket
        ** Co 
    signs
     an all-stock deal to merge with peer Standard BioTools Inc
 LAB.O  
  
        ** The combined company's pro-forma equity valuation
stands at over $1 bln based on LAB's last close 
  
        ** LAB stock down 14.8% at $2.3 premarket
  
        ** As per the definitive agreement, SomaLogic
shareholders will receive 1.11 shares of LAB common stock for
every one share held
  
        ** SLGC shareholders to own 57% of the combined company
with the remaining 43% to be held by LAB shareholders
  
        ** Both companies expect $180 mln of pro-forma combined
revenue for FY'23 and a balance sheet with over $500 mln in
estimated cash, cash equivalents at close
        ** Transaction expected to close in Q1 2024 - cos
  
        ** LAB makes tools to test proteins in blood samples for
disease-specific research while SLGC makes technology used to
spot and find proteins in cells
        ** YTD, SLGC stock down 8.4% and LAB stock up 130.8%
through last close
  

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))