Standard BioTools Inc. (Nasdaq: LAB), driven by a bold purpose –
Unleashing tools to accelerate breakthroughs in human health, today
announced that it has completed its merger with SomaLogic, creating
a leading provider of differentiated multi-omics tools for
research.
Each SomaLogic stockholder will receive 1.11 shares of Standard
BioTools common stock for each share of SomaLogic common stock
owned. SomaLogic common stock and public warrants have ceased
trading and will no longer be listed on the NASDAQ Global Select
Market.
“This is an exciting day as we officially bring together the
innovative multi-omic technologies and incredible talent of
Standard BioTools and SomaLogic to create one company that is a
diversified leader in life sciences tools,” said Michael Egholm,
PhD, President and Chief Executive Officer of Standard BioTools.
“We are moving forward with a significantly expanded and
diversified platform, greater financial flexibility and an
accelerated path to profitability. As a larger well-capitalized
company, we have greater capacity to self-fund future growth
initiatives and accelerate research insights across the industry,
better serving our customers and delivering sustainable long-term
growth for our shareholders. We are focused on ensuring a smooth
transition and achieving our stated commitments.”
The combined company is poised to realize significant benefits
as a multi-omic technology leader, targeting large, high growth
markets with a diverse portfolio of life sciences tools that power
industry-leading throughput and data quality. The combined company
is moving forward focused on:
- Expanding its commercial reach and maximizing cross-selling
opportunities through complementary offerings and end markets.
- Expediting scale to create an accelerated path to profitability
with an estimated $80 million in annual cost synergies to be
realized by 2026[1].
- Self-funding future growth initiatives through its formidable
capital structure comprising over $500 million in cash
and cash equivalents.
- Delivering additional meaningful value creation opportunities
through a proven model that couples deep large-enterprise life
sciences expertise and operating discipline.
Board and Leadership Team Appointments
As previously announced, in connection with the closing of the
merger, Michael Egholm, Jeff Black and Alex Kim will continue
to serve as Chief Executive Officer, Chief Financial Officer and
Chief Operating Officer of Standard
BioTools, respectively. Adam Taich, SomaLogic’s Interim
Chief Executive Officer, has been appointed as Chief Strategy
Officer of Standard BioTools and Shane Bowen, SomaLogic’s
Chief Research and Development Officer, has been appointed as Chief
Technology Officer of Standard BioTools.
Tom Carey, Troy Cox and Kathy Hibbs have joined the Standard
BioTools Board of Directors and Mr. Carey has been appointed as
Chairman of the Board. Carlos Paya, Laura Clague and Martin Madaus
– who served on the Standard BioTools Board until the closing of
the merger – have resigned from the Standard BioTools Board.
About Standard BioTools Inc.
Standard BioTools Inc. (Nasdaq:LAB), previously known as
Fluidigm Corporation, is driven by a bold purpose – Unleashing
tools to accelerate breakthroughs in human health. Standard
BioTools has an established portfolio of essential, standardized
next-generation technologies that help biomedical researchers
develop medicines faster and better. As a leading solutions
provider, the company provides reliable and repeatable insights in
health and disease using its proprietary mass cytometry and
microfluidics technologies, which help transform scientific
discoveries into better patient outcomes. Standard BioTools works
with leading academic, government, pharmaceutical, biotechnology,
plant and animal research, and clinical laboratories worldwide,
focusing on the most pressing needs in translational and clinical
research, including oncology, immunology, and immunotherapy. Learn
more at www.standardbio.com or connect with us on Twitter®,
Facebook®, LinkedIn, and YouTube™. Standard BioTools, the Standard
BioTools logo, Fluidigm, the Fluidigm logo, “Unleashing tools to
accelerate breakthroughs in human health,” Hyperion, Hyperion XTi,
XTi, and X9 are trademarks and/or registered trademarks of Standard
BioTools Inc. or its affiliates in the United States and/or other
countries. All other trademarks are the sole property of their
respective owners. Standard BioTools products are provided for
Research Use Only. Not for use in diagnostic procedures.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, among others, guidance, including related to
revenues, margin, and operating expenses, and statements regarding
future financial performance and expectations, operational and
strategic plans, deployment of capital, our cash runway and
sufficiency of cash resources, potential M&A activity, market
and growth opportunity and potential, and the potential to realize
the benefits following the merger. Forward-looking statements are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from currently anticipated results,
including, but not limited to, the outcome of any legal proceedings
related to the merger; 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; risks that we
may not realize expected cost savings from our restructuring,
including the anticipated decrease in operational expenses, at the
levels we expect; possible restructuring and transition-related
disruption, including through the loss of customers, suppliers, and
employees and adverse impacts on our development activities and
results of operation; restructuring activities, including our
subleasing plans, customer and employee relations, management
distraction, and reduced operating performance; risks that internal
and external costs required for ongoing and planned activities may
be higher than expected, which may cause us to use cash more
quickly than we expect or change or curtail some of our plans, or
both; risks that our expectations as to expenses, cash usage, and
cash needs may prove not to be correct for other reasons such as
changes in plans or actual events being different than our
assumptions; changes in Standard BioTools’ business or external
market conditions; challenges inherent in developing,
manufacturing, launching, marketing, and selling new products;
interruptions or delays in the supply of components or materials
for, or manufacturing of, Standard BioTools products;
reliance on sales of capital equipment for a significant proportion
of revenues in each quarter; seasonal variations in customer
operations; unanticipated increases in costs or expenses;
uncertainties in contractual relationships; reductions in research
and development spending or changes in budget priorities by
customers; uncertainties relating to Standard BioTools’ research
and development activities, and distribution plans and
capabilities; potential product performance and quality issues;
risks associated with international operations; intellectual
property risks; and competition. 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 U.S.
Securities and Exchange Commission (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. These forward-looking statements speak only as of the date
hereof. Standard BioTools disclaims any obligation to
update these forward-looking statements except as may be required
by law.
Contacts
Investors
Peter DeNardoCapComm Partnersir@standardbio.com
Media
Nick Lamplough / Dan Moore / Tali EpsteinCollected
StrategiesLAB-CS@collectedstrategies.com
1 Compared to annualized run-rate based on 1H 2023 results.
Total cost synergies exclude non-cash, restructuring-related,
transaction-related and other non-recurring costs for both Standard
BioTools and SomaLogic.
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