Singular Genomics Receives Non-Binding Acquisition Proposal from Concentra Biosciences and Tang Capital
Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company specializing in next-generation sequencing and spatial multiomics technologies, has received an unsolicited non-binding acquisition proposal from Concentra Biosciences, The offer is to acquire all outstanding shares of Singular Genomics for $12.00 per share in cash. Alternatively, Concentra proposed offering a contingent value right for interested stockholders to participate in future value realization.
Tang Capital, the controlling stockholder of Concentra, owns approximately 14.9% of Singular Genomics' outstanding common stock. The company's board has previously formed a special committee of independent directors to evaluate strategic alternatives, including this proposal. TD Cowen is serving as the financial advisor to the special committee.
Singular Genomics Systems, Inc. (Nasdaq: OMIC), un'azienda specializzata in tecnologie di sequenziamento di nuova generazione e multiomica spaziale, ha ricevuto una proposta di acquisizione non vincolante e non sollecitata da Concentra Biosciences. L'offerta prevede l'acquisto di tutte le azioni in circolazione di Singular Genomics per $12,00 per azione in contante. In alternativa, Concentra ha proposto di offrire un diritto di valore contingente per consentire agli azionisti interessati di partecipare alla realizzazione del valore futuro.
Tang Capital, l'azionista di controllo di Concentra, detiene circa il 14,9% delle azioni ordinarie in circolazione di Singular Genomics. Il consiglio di amministrazione dell'azienda ha precedentemente costituito un comitato speciale di direttori indipendenti per valutare alternative strategiche, inclusa questa proposta. TD Cowen funge da consulente finanziario per il comitato speciale.
Singular Genomics Systems, Inc. (Nasdaq: OMIC), una empresa especializada en tecnologías de secuenciación de próxima generación y multiómica espacial, ha recibido una propuesta de adquisición no solicitada y no vinculante de Concentra Biosciences. La oferta es adquirir todas las acciones en circulación de Singular Genomics por $12.00 por acción en efectivo. Alternativamente, Concentra propuso ofrecer un derecho de valor contingente para que los accionistas interesados participen en la realización del valor futuro.
Tang Capital, el accionista controlador de Concentra, posee aproximadamente el 14.9% de las acciones ordinarias en circulación de Singular Genomics. La junta de la empresa ha formado previamente un comité especial de directores independientes para evaluar alternativas estratégicas, incluida esta propuesta. TD Cowen actúa como asesor financiero del comité especial.
싱귤러 게노믹스 시스템즈(주식 코드: OMIC)는 차세대 시퀀싱 및 공간 다중 오믹스 기술을 전문으로 하는 회사로, 콘센트라 바이오사이언스에서 비구속적 비공식 인수 제안을 받았습니다. 제안은 싱귤러 게노믹스의 모든 유통주식을 주당 12.00달러 현금으로 인수하는 것입니다. 대안으로 콘센트라는 미래 가치 실현에 참여할 수 있는 이해관계자를 위한 우선 가치 권리를 제공하겠다고 제안했습니다.
콘센트라의 지배주주인 탕 캐피탈은 싱귤러 게노믹스의 총 발행 보통주 약 14.9%를 보유하고 있습니다. 회사 측은 이전에 이 제안을 포함한 전략적 대안을 평가하기 위해 독립 이사들로 구성된 특별 위원회를 설립했습니다. TD 코웬은 특별 위원회의 재무 자문을 맡고 있습니다.
Singular Genomics Systems, Inc. (Nasdaq: OMIC), une entreprise spécialisée dans les technologies de séquençage de nouvelle génération et de multiomique spatiale, a reçu une proposition d'acquisition non sollicitée et non contraignante de Concentra Biosciences. L'offre concerne l'acquisition de toutes les actions en circulation de Singular Genomics pour 12,00 $ par action en espèces. En alternative, Concentra a proposé d'offrir un droit de valeur conditionnel pour permettre aux actionnaires intéressés de participer à la réalisation de la valeur future.
Tang Capital, l'actionnaire contrôlant de Concentra, possède environ 14,9 % des actions ordinaires en circulation de Singular Genomics. Le conseil d'administration de l'entreprise a précédemment formé un comité spécial de directeurs indépendants pour évaluer les alternatives stratégiques, y compris cette proposition. TD Cowen agit en tant que conseiller financier pour le comité spécial.
Singular Genomics Systems, Inc. (Nasdaq: OMIC), ein Unternehmen, das sich auf Next-Generation-Sequencing und räumliche Multiomics-Technologien spezialisiert hat, hat ein unverbindliches, unaufgefordertes Übernahmeangebot von Concentra Biosciences erhalten. Das Angebot umfasst den Erwerb aller ausstehenden Aktien von Singular Genomics zum Preis von 12,00 USD pro Aktie in bar. Alternativ schlug Concentra vor, ein bedingtes Wertrecht anzubieten, damit interessierte Aktionäre an der zukünftigen Wertrealisation teilnehmen können.
Tang Capital, der kontrollierende Aktionär von Concentra, hält etwa 14,9% der ausstehenden Stammaktien von Singular Genomics. Der Vorstand des Unternehmens hat zuvor einen speziellen Ausschuss unabhängiger Direktoren gebildet, um strategische Alternativen, einschließlich dieses Vorschlags, zu bewerten. TD Cowen fungiert als Finanzberater des speziellen Ausschusses.
- Acquisition offer of $12.00 per share in cash, potentially providing immediate value to shareholders
- Alternative option for stockholders to receive contingent value rights, allowing participation in future value realization
- Special committee already in place to evaluate strategic alternatives, indicating proactive approach to potential offers
- Unsolicited and non-binding nature of the proposal introduces uncertainty
- Potential conflict of interest with Tang Capital owning 14.9% of Singular Genomics' stock and being the controlling stockholder of the acquiring company
- No assurance that any transaction will be consummated, which may lead to market speculation and volatility
Insights
The non-binding acquisition proposal from Concentra Biosciences to acquire Singular Genomics for
The involvement of Tang Capital, owning
The non-binding nature of the proposal and the formation of a Special Committee are standard practices in potential acquisition scenarios. The Special Committee's role in evaluating this and other proposals ensures that shareholder interests are protected. The alternative consideration of a contingent value right is an interesting legal structure that could provide upside potential for shareholders who believe in the company's long-term prospects.
Investors should pay close attention to future SEC filings and company announcements for updates on the proposal's status and any potential competing offers. The involvement of multiple legal advisors underscores the complexity of the situation and the need for thorough due diligence in evaluating any potential transaction.
This acquisition proposal highlights the growing interest in next-generation sequencing (NGS) and spatial multiomics technologies. Singular Genomics' position in this rapidly evolving field makes it an attractive target for companies looking to expand their presence in precision medicine and genomics research. The proposal could potentially trigger interest from other players in the biotech and life sciences sectors, possibly leading to a competitive bidding situation.
Investors should consider the broader implications for the NGS market, as consolidation in this space could lead to accelerated innovation and market growth. The outcome of this proposal could also impact valuations of similar companies in the sector, potentially creating investment opportunities across the genomics landscape.
SAN DIEGO, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians, announced today that it has received an unsolicited non-binding proposal from Concentra Biosciences, LLC (“Concentra”) to acquire all of the Company’s outstanding shares of common stock for
According to a Schedule 13D filed on September 19, 2024 with the U.S. Securities and Exchange Commission (the “SEC”) disclosing Concentra’s proposal, Tang Capital is the controlling stockholder of Concentra and beneficially owns approximately
As previously disclosed, the Company’s board of directors previously formed a special committee of independent directors (the “Special Committee”) to evaluate and consider the Company’s strategic alternatives, which would include the proposal submitted by Concentra as well as other proposals that have been or may be submitted to the Special Committee.
There can be no assurance that any transaction will be consummated, whether involving Concentra or any other party. The Company and the Special Committee do not intend to comment further about Concentra’s proposal unless and until the Special Committee deems further disclosure is appropriate.
A copy of the Schedule 13D and Concentra’s proposal is available at the SEC’s website at www.sec.gov.
ADVISORS
TD Cowen is serving as financial advisor to the Special Committee, Richards, Layton & Finger, P.A. is serving as the Special Committee’s outside legal advisor, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP is serving as legal advisor to the Company.
About Singular Genomics Systems, Inc.
Singular Genomics is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4® Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In addition, the Company is currently developing the G4X™ Spatial Sequencer, which will leverage its proprietary sequencing technology, applying it as an in situ readout for transcriptomics, proteomics and fluorescent H&E in tissue, with spatial context and on the same platform as the G4. Singular Genomics’ mission is to empower researchers and clinicians to advance science and medicine. Visit www.singulargenomics.com for more information.
Forward-looking Statements
Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “foresees,” “forecasts,” “guidance,” “intends” “goals,” “may,” “might,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “targets,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Singular Genomics’ results is included in its filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and future reports that Singular Genomics may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Singular Genomics in this press release speaks only as of the day on which Singular Genomics makes it. Singular Genomics assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Investor Contact
Philip Trip Taylor
Gilmartin Group
ir@singulargenomics.com
Media Contact
Matt Browning
pr@singulargenomics.com
FAQ
What is the acquisition offer for Singular Genomics (OMIC)?
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