SOUTH SAN FRANCISCO - Standard BioTools Inc. (NASDAQ:LAB), known for its portfolio of standardized technologies for biomedical research, announced today the completion of its merger with SomaLogic, a move that positions the company as a significant player in the multi-omics tools sector for research. Following the merger, SomaLogic's stockholders received 1.11 shares of Standard BioTools common stock for each of their SomaLogic shares. Consequently, SomaLogic's common stock and public warrants have ceased trading on the NASDAQ Global Select Market.
Michael Egholm, Ph.D., President and CEO of Standard BioTools, expressed optimism about the merger, highlighting the combined company's enhanced platform, financial flexibility, and accelerated path to profitability. He emphasized the goal of providing superior service to customers and generating sustainable growth for shareholders.
The merger is expected to yield considerable advantages for the combined entity, including an estimated $80 million in annual cost synergies by 2026. With over $500 million in cash and cash equivalents, Standard BioTools aims to self-fund future growth initiatives and expedite research insights across the industry.
In conjunction with the merger, there have been several leadership and board appointments. Adam Taich, former Interim CEO of SomaLogic, has been named Chief Strategy Officer, and Shane Bowen, former Chief Research and Development Officer at SomaLogic, is now Chief Technology Officer of Standard BioTools. New board members include Tom Carey, Troy Cox, and Kathy Hibbs, with Mr. Carey serving as the Chairman of the Board. Carlos Paya, Laura Clague, and Martin Madaus have resigned from the board following the merger's completion.
Standard BioTools, formerly Fluidigm (NASDAQ:LAB) Corporation, is recognized for aiding biomedical researchers with mass cytometry and microfluidics technologies. The company focuses on critical areas of translational and clinical research, such as oncology, immunology, and immunotherapy.
This announcement is based on a press release statement from Standard BioTools Inc.
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