SomaLogic completes business combination and will begin
- SomaLogic to debut on Nasdaq as a publicly traded AI data-driven proteomics platform company
- The business combination generates gross cash proceeds of approximately $ 630 million at catalyze organic and inorganic growth initiatives
- The combined company trades on the Nasdaq under the symbol “SLGC”
NEW YORK and BOULDER, Colorado, September 01, 2021 (GLOBE NEWSWIRE) – SomaLogic, Inc., a leader in AI data-driven proteomics technology, today announced that it has completed its combination with CM Life Sciences II , Inc (Nasdaq: CMIIU), a special purpose acquisition company sponsored by subsidiaries of leading healthcare and life sciences fund advisors Casdin Capital and Corvex Management. As a result of the transaction, the combined company was renamed SomaLogic, Inc., and its Class A common shares and warrants will begin trading on the Nasdaq Global Market (“Nasdaq”) on September 2, 2021 under the symbols “SLGC” and “SLGCW,” respectively. The business combination and concomitant private placement were approved by the shareholders of CM Life Sciences II at its special meeting held on August 31.st, 2021.
“We are both excited and poised to open a new chapter as a publicly traded company, accelerating our goal of leveraging proteomics to increasingly positively impact human health and healthcare delivery. health, ”said Roy Smythe, MD, CEO of SomaLogic. “Our innovative and differentiated platform has a multi-year track record of success, but our commercial ramp is only just beginning. We intend to leverage our pioneering advantage – by working with research collaborators, by diversifying our offerings through kits and other products for life science customers, and by continuing to develop new diagnostic applications from our extensive pipeline. SomaLogic has long been a leading driving force in the evolution of proteomics, and we intend to stay at the forefront of this effort.
The combined company will be led by industry veteran Dr. Roy Smythe as CEO. Following the business combination, SomaLogic’s board of directors will include new directors Troy Cox (former CEO of Foundation Medicine and senior vice president of US BioOncology for Genentech), Kevin Conroy (president and CEO of Exact Sciences ), Steve Quake (Lee Otterson Professor of Bioengineering and Professor of Applied Physics at Stanford University), Bob Barchi (Professor Emeritus and Past President of Rutgers University) and Ted Meisel (Executive Founder of AVIA Health Innovation and President executive of WiserCare) who will join President Chuck Lillis (co-founder and partner, LoneTree Capital), Roy Smythe (CEO), Anne Marguiles (vice president and chief information officer, Harvard University), Rick Post (former president and Managing Director, Autobytel, Inc.) and Eli Casdin (Chief Investment Officer and Founder, Casdin Capital).
“Completing this business combination is a critical step in our long-standing partnership with SomaLogic and brings a scale of resources and support that will energize its already dominant platform and business offerings pipeline,” said Eli Casdin, member of the board of directors of SomaLogic and former CEO of CM Life Sciences II. “Proteomics is a huge set of untapped opportunities and a next frontier for drug discovery, research and diagnostics. It is a company uniquely positioned on this frontier and one we see as leading the charge to deliver tremendous value to researchers, clinicians and investors. “
“We are delighted to announce the closing of the business combination with SomaLogic, a company that has established itself as the industry-leading proteomics company with a pioneering platform that spans from technology activation to clinical applications. Said Keith Meister, former president of CM Life Sciences II. “With the additional capital from this transaction, SomaLogic has significant resources to aggressively invest in its commercialization efforts and strategic initiatives, both organic and inorganic, to drive long-term growth. “
SomaLogic’s industry-leading proteomics platform offers greater proteome coverage than any other technology, over a wide range of concentrations, which can then be used for information on many indications.
As a result of the business combination, SomaLogic received approximately $ 630 million in cash proceeds, including a PIPE offering that included notable growth and life sciences 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 investor SomaLogic Novartis Pharma AG.
Jefferies LLC acts as sole financial advisor and capital markets advisor and White & Case LLP acts as legal advisor to CM Life Sciences II. Jefferies LLC, Cowen and Company, LLC and JP Morgan Securities LLC acted as PIPE placement agents.
JP Morgan Securities LLC and Cowen and Company, LLC are acting as financial advisers, and Reed Smith LLP as legal counsel to SomaLogic.
About CM Life Sciences II
Prior to the business combination, CM Life Sciences II was founded to take advantage of a vibrant, innovation-driven but fragmented life sciences industry where many companies lack resources and scale. Large and underrated consolidation opportunities are ready to be engaged by a team versed in trends and themes, and who can bring together the strongest of new companies and leadership teams to capitalize on short and long opportunities. term. For more information, please visit: https://cmlifesciencesspac.com/
SomaLogic seeks to provide accurate, meaningful and actionable health management information that enables individuals around the world to continuously optimize their personal health and well-being throughout their lives. This vital information, which is to be provided by a global network of partners and users, is derived from SomaLogic’s personalized measurement of significant changes in an individual’s proteins over time. For more information, visit www.somalogic.com and follow @somalogic on Twitter.
SomaSignal ™ assays are developed and their performance characteristics determined by SomaLogic, Inc. SomaLogic is a Clinical Laboratory Improvement Amendments (CLIA) certified laboratory and accredited by the College of American Pathologists (CAP).
The SomaScan platform is for research use only (RUO) and has not been authorized or approved by the United States Food and Drug Administration for diagnostic or patient management purposes. SomaLogic’s proprietary SomaScan platform has been designed to be a universal platform that can be applied to research and discovery, translational research and biopharmaceutical development, as well as clinical applications. SomaLogic can perform approximately 7,000 protein measurements on a single 55 microliter plasma or serum sample. The company has analyzed more than 450,000 samples to date.
Disclaimer regarding forward-looking statements
This press release contains certain forward-looking statements within the meaning of federal securities laws regarding the proposed business combination between SomaLogic and CM Life Sciences II and otherwise, including statements regarding the anticipated benefits of the business combination, timing planned business combination, expansion plans, expected future results and market opportunities of SomaLogic. These forward-looking statements are generally identified by the words “believe”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “the strategy”, “the future”, ” opportunity ”,“ plan, ”“ may ”,“ should ”,“ will ”,“ would ”,“ will ”,“ will continue ”,“ will probably result ”and similar expressions. Forward-looking statements are predictions, projections and other statements regarding future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors. There are many factors that could cause actual future events to differ materially from forward-looking statements contained in this press release, including factors beyond the control of SomaLogic or CM Life Sciences II. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the CM Life Sciences II registration statement on Form S-4 (File No. 333-256127) (the “Registration Statement” ) and the declaration of definitive proxy / prospectus included therein. These documents identify and discuss important risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and SomaLogic and CM Life Sciences II assume no obligation and do not intend to update or revise these forward-looking statements, either as following new information, future events or otherwise. Neither SomaLogic nor CM Life Sciences II gives assurance that SomaLogic or CM Life Sciences II or the combined company will achieve their expectations.
Marissa Bych or Lynn Lewis
Gilmartin SARL Group