SomaLogic Closes Business Combination and Will Begin Trading Under the Ticker SLGC
SomaLogic, Inc., a leader in AI-data driven proteomics technology, announced that it has completed its business combination with CM Life Sciences II, Inc., a special purpose acquisition company sponsored by affiliates of leading healthcare and life sciences fund advisors Casdin Capital and Corvex Management. Following the transaction, the combined company was renamed SomaLogic, Inc., and its Class A common stock and warrants will begin trading on the Nasdaq Global Market on September 2, 2021 under the symbols “SLGC” and “SLGCW,” respectively. The business combination and concurrent private placement were approved by CM Life Sciences II shareholders at its special meeting held on August 31st, 2021.
“We are both excited and prepared to begin a new chapter as a publicly traded company, accelerating our goal of leveraging proteomics to have an increasingly positive impact on human health and healthcare delivery,” said Roy Smythe, M.D., SomaLogic’s Chief Executive Officer. “Our innovative, differentiated platform has a multi-year track record of success, but our commercial ramp has only just begun. We intend to build on our first-mover advantage – working with research collaborators, diversifying our offerings through kits and other products for life sciences customers, and continuing to develop new diagnostic applications from our deep pipeline. SomaLogic had long been a leading, driving force in the evolution of proteomics, and we intend to remain at the forefront of that effort.”
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The combined company will be led by industry veteran Dr. Roy Smythe as Chief Executive Officer. Following the business combination, the SomaLogic board will include new directors Troy Cox (Former CEO of Foundation Medicine and SVP of U.S. BioOncology for Genentech), Kevin Conroy (Chairman and CEO of Exact Sciences), Steve Quake (Lee Otterson Professor of Bioengineering and Professor of Applied Physics at Stanford University), Bob Barchi (distinguished Professor and former President of Rutgers University), and Ted Meisel (Executive Founder of AVIA Health Innovation, and Executive Chairman of WiserCare) who will join Chairman Chuck Lillis (Co-founder and Partner, LoneTree Capital), Roy Smythe (CEO), Anne Marguiles (Vice President & Chief Information Officer, Harvard University), Rick Post (Former President & CEO, Autobytel, Inc.) and Eli Casdin (Chief Investment Officer and Founder, Casdin Capital).
“The completion of this business combination is a pivotal milestone in our long-established partnership with SomaLogic and brings a scale of resource and support that will super-charge its already dominant platform and pipeline of commercial offerings,” said Eli Casdin, Board Member of SomaLogic and former CEO of CM Life Sciences II. “Proteomics is a huge untapped opportunity set and a next frontier for drug discovery, research, and diagnostics. This is, a uniquely positioned company on that frontier and the one we see as leading the charge to deliver enormous value for researchers, clinicians and investors alike.”
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“We are thrilled to announce the close of the business combination with SomaLogic, a company that has established itself as the industry-leading proteomics company with a pioneering platform that spans technology enablement to clinical applications,” said Keith Meister, former Chairman of CM Life Science II. “With the additional capital from this transaction, SomaLogic has significant resources to invest aggressively in its commercialization efforts and strategic initiatives, both organic and inorganic, to drive long-term growth.”
SomaLogic’s industry leading proteomics platform provides more coverage of the proteome than any other technology, across a wide range of concentrations, which can then be used for insights across numerous indications.
As a result of the business combination, SomaLogic received approximately $630 million in cash proceeds, including from a PIPE offering which included notable growth and life science investors Casdin Capital, Corvex Management, Janus Henderson Investors, SB Management, a subsidiary of SoftBank Group Corp, funds and accounts advised by T. Rowe Price Associates, Inc., separate accounts advised by ARK Invest, Farallon Capital, Perceptive Advisors, funds and accounts managed by Counterpoint Global (Morgan Stanley), other existing investors and a new strategic investor Illumina and an existing strategic SomaLogic investor Novartis Pharma AG.
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