SomaLogic Acquires DNA Nanotechnology Provider For $35M

  • SomaLogic Inc SLGC has agreed to acquire Palamedrix Inc for $14 million in cash and $21 million in SomaLogic common stock. 
  • Up to an additional $17.5 million may be paid in connection with achieving certain future revenue-based milestones. 
  • The transaction is expected to close in the third quarter of 2022 and is not expected to contribute to SomaLogic 2022 revenue.
  • The acquisition brings two technologies together, which SomaLogic believes will accelerate SomaScan Platform utilization in global biopharma and academic markets and the emerging proteomic diagnostics space. 
  • Palamedrix's technology uses DNA-based biosensors that capture small molecules present in biological samples to pinpoint the presence of an analyte with single-molecule accuracy. 
  • The platform can organize and interrogate millions of these biosensors on a surface to deliver comprehensive data and a complete view of a patient's biochemistry from a single sample. 
  • "We are excited to announce our strategic acquisition of Palamedrix, accelerating our vision to make the SomaScan Platform more accessible to a broader group of customers and to meet their diverse needs," said SomaLogic CEO Roy Smythe...It also expands our footprint to San Diego, California."
  • Price Action: SLGC shares are down 0.62% at $4.78 during the market session on the last check Tuesday.
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