SomaLogic Stockholders Vote to Approve Standard BioTools Transaction at Special Meeting
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Insights
The merger between SomaLogic and Standard BioTools is a strategic move that could potentially reshape the competitive landscape within the life sciences tools sector. By combining resources, the merged entity is poised to leverage synergies that can enhance its product offerings and accelerate the path to sustained profitability. This is particularly relevant as the life sciences industry is highly competitive, with constant innovation and technological advancements being key drivers of success.
For stakeholders, the immediate impact may be observed in the form of stock price movements as the market reacts to the merger completion. In the long-term, the success of this merger will depend on the effective integration of the two companies' technologies and the realization of expected synergies. If successful, the combined entity could enjoy a stronger market position, potentially leading to an increased market share and higher barriers to entry for competitors.
The transaction also signals a potential shift towards consolidation in the industry, which could lead to fewer, but more powerful, players. This may impact smaller companies and could trigger additional mergers and acquisitions as other firms seek to remain competitive.
The approval of the merger by SomaLogic's stockholders is a significant endorsement of the company's strategic direction. From a financial perspective, the merger's promise of an 'accelerated path to sustained profitability' suggests that the combined company is aiming for cost efficiencies, increased revenue streams, or a combination of both. Investors will be interested in the post-merger financials, particularly how the merger affects the earnings per share (EPS), cash flow and overall balance sheet strength of the new entity.
It is important to monitor the post-merger integration process closely as it can often be a source of hidden costs and unexpected challenges. The management's execution in combining the two companies will be critical in achieving the anticipated value creation. Furthermore, the impact of this merger on R&D spending will be an area to watch, as it could influence the long-term innovation pipeline and competitiveness of the new company.
The field of proteomics, where SomaLogic has established its expertise, is rapidly growing and holds significant promise for advancing human health. The merger with Standard BioTools could enhance the combined company's capabilities in providing comprehensive solutions for proteomic analysis. This is crucial as the demand for personalized medicine and biomarker discovery continues to increase.
Post-merger, the combined entity will likely have a greater research and development capability, which is vital in an industry where technological obsolescence is a constant threat. Staying at the forefront of innovation is essential and the merger could provide the necessary resources and talent pool to maintain a competitive edge. The emphasis on creating a diversified leader suggests a strategic move to mitigate risks associated with relying on a narrow product range or market segment.
Stockholder Approval Represents Key Milestone Toward Completion of Standard BioTools Transaction
Combination Will Create a Diversified Leader in Life Sciences Tools
The SomaLogic Board of Directors issued the following statement:
We are grateful for the support of our stockholders as we advance our value-maximizing transaction with Standard BioTools, which will enable our stockholders to realize the substantial value of SomaLogic's platform. Stockholders will benefit from the combined company's accelerated path to sustained profitability and long-term value creation. We look forward to completing the transaction with Standard BioTools to create a diversified leader in life science tools, driven by our shared mission to accelerate breakthroughs in human health.
The merger is expected to close on January 5, 2024, subject to satisfaction of certain customary closing conditions.
SomaLogic will file final, certified voting results on a Form 8-K with the
About SomaLogic
SomaLogic is catalyzing drug research and development and biomarker identification as a global leader in proteomics technology. With a single 55 microliter plasma or serum sample, SomaLogic can run 11,000 protein measurements, covering more than a third of the approximately 20,000 proteins in the human body. For more than 20 years SomaLogic has supported pharmaceutical companies, and academic and contract research organizations who rely on the Company's protein detection and analysis technologies to fuel drug, disease, and treatment discoveries in such areas as oncology, diabetes, and cardiovascular, liver and metabolic diseases. Find out more at somalogic.com and follow @somalogic on LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current plans, estimates and expectations of the management of Standard BioTools and SomaLogic that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements, many of which are beyond the control of Standard BioTools and SomaLogic. All statements other than statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) are statements that could be deemed forward-looking statements, although not all forward-looking statements contain these identifying words. Readers should not place undue reliance on these forward-looking statements. Forward-looking statements may include statements regarding the expected timing of the closing of the merger; the ability of the parties to complete the merger considering the various closing conditions; and any assumptions underlying any of the foregoing. Statements regarding future events are based on the parties' current expectations and are necessarily subject to associated risks related to, among other things, (i) the risk that the Merger may not be completed in a timely manner or at all, which may adversely affect Standard BioTools' and SomaLogic's businesses and the price of their respective securities; (ii) uncertainties as to the timing of the consummation of the merger and the potential failure to satisfy the conditions to the consummation of the merger, including obtaining stockholder and regulatory approvals; (iii) the merger may involve unexpected costs, liabilities or delays; (iv) the effect of the announcement, pendency or completion of the merger on the ability of Standard BioTools or SomaLogic to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom Standard BioTools or SomaLogic does business, or on Standard BioTools' or SomaLogic's operating results and business generally; (v) Standard BioTools' or SomaLogic's respective businesses may suffer as a result of uncertainty surrounding the merger and disruption of management's attention due to the merger; (vi) the outcome of any legal proceedings related to the merger or otherwise, or the impact of the merger thereupon; (vii) Standard BioTools or SomaLogic may be adversely affected by other economic, business and/or competitive factors, (viii) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement and the merger; (ix) restrictions during the pendency of the merger that may impact Standard BioTools' or SomaLogic's ability to pursue certain business opportunities or strategic transactions; (x) the risk that Standard BioTools or SomaLogic may be unable to obtain governmental and regulatory approvals required for the merger, or that required governmental and regulatory approvals may delay the consummation of the merger or result in the imposition of conditions that could reduce the anticipated benefits from the merger or cause the parties to abandon the merger; (xi) risks that the anticipated benefits of the merger or other commercial opportunities may otherwise not be fully realized or may take longer to realize than expected; (xii) the impact of legislative, regulatory, economic, competitive and technological changes; (xiii) risks relating to the value of the Standard BioTools shares to be issued in the merger; (xiv) the risk that post-closing integration of the merger may not occur as anticipated or the combined company may not be able to achieve the benefits expected from the merger, as well as the risk of potential delays, challenges and expenses associated with integrating the combined company's existing businesses; (xv) exposure to inflation, currency rate and interest rate fluctuations, as well as fluctuations in the market price of Standard BioTools' and SomaLogic's traded securities; (xvi) the lingering effects of the COVID-19 pandemic on Standard BioTools' and SomaLogic's industry and individual companies, including on counterparties, the supply chain, the execution of research and development programs, access to financing and the allocation of government resources; (xvii) the ability of Standard BioTools or SomaLogic to protect and enforce intellectual property rights; and (xviii) the unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as Standard BioTools' and SomaLogic's response to any of the aforementioned factors. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. For information regarding other related risks, see the "Risk Factors" section of Standard BioTools' most recent quarterly report on Form 10-Q filed with the SEC on November 7, 2023, on its most recent annual report on Form 10-K filed with the SEC on March 14, 2023 and in Standard BioTools' other filings with the SEC, as well as the "Risk Factors" section of SomaLogic's most recent quarterly report on Form 10-Q filed with the SEC on November 8, 2023, on its most recent annual report on Form 10-K filed with the SEC on March 28, 2023 and in SomaLogic's other filings with the SEC. The risks and uncertainties described above and in the SEC filings cited above are not exclusive and further information concerning Standard BioTools and SomaLogic and their respective businesses, including factors that potentially could materially affect their respective businesses, financial conditions or operating results, may emerge from time to time. Readers are urged to consider these factors carefully in evaluating these forward-looking statements, and not to place undue reliance on any forward-looking statements. Any such forward-looking statements represent management's reasonable estimates and beliefs as of the date of this press release. While Standard BioTools and SomaLogic may elect to update such forward-looking statements at some point in the future, they disclaim any obligation to do so, other than as may be required by law, even if subsequent events cause their views to change.
Contacts
Investors
Marissa Bych
Gilmartin Group LLC
investors@somalogic.com
Media
Lyle Weston / Carly King
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE SomaLogic
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