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.