Standard BioTools Inc and SomaLogic Inc, suppliers of tools to the the medical research and drug development industry and portfolio companies of life sciences-focused private investment firm Casdin Capital have agreed to merge in an all-stock deal.
The combined entity will have an equity value of more than $1bn including a premium, according to a press statement with Casdin Capital holding around 14% of the merged business.
Under the terms, Standard BioTools Chief Executive Officer Michael Egholm will run the merged company, which will retain the Standard BioTools name. Investors in Colorado-based SomaLogic meanwhile will receive 1.11 shares of Standard BioTools stock for each share they own and will post merger, own a collective 57% of the combined company.
Casdin Capital and Viking Global investors made a $250m investment in Standard BioTools – then Fluidigm – in 2022, while the firm also backed the special purpose acquisition company involved in SomaLogic’s 2021 listing, alongside Keith Meister’s Corvex Management.
Centerview Partners LLC is advising Standard BioTools on the deal, while Perella Weinberg Partners LP and TD Cowen are working with SomaLogic.
