SomaLogic's stock surges as it agrees to be bought by Standard BioTools in all-stock merger

SomaLogic Inc.'s (SLGC) stock was up about 12% in premarket trades on Wednesday after the Boulder, Colo.-based specialist in cell proteins agreed to be acquired in an all-stock merger with Standard BioTools (LAB) valued at about $1 billion. Standard BioTools' stock was down by 7%. SomaLogic shareholders will receive 1.11 shares of Standard BioTools common stock for each share of SomaLogic common stock. Based on the Tuesday closing price of Standard BioTools of $2.70 a share, the deal valued SomaLogic at just under $3 a share, above its closing price of $2.30 a share on Wednesday. SomaLogic shareholders will own about 57% of the combined company while Standard BioTools shareholders will about 43%.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

10-04-23 0836ET

Copyright (c) 2023 Dow Jones & Company, Inc.