Illumina is diving deeper into proteomics research with a $425 million plan to acquire SomaLogic, including its protein analysis platforms and certified lab services business.
The deal with SomaLogic’s corporate owner, Standard BioTools, includes $350 million in upfront cash plus up to $75 million in performance-based milestones and royalties linked to certain library prep kit sales.
Illumina said the acquisition will bolster its multiomics strategy to diversify beyond DNA sequencing and builds on a yearslong collaboration with the company, while Standard BioTools said the turnaround sale—with it only taking control of SomaLogic in January 2024—now gives it an opportunity to simplify its operating structure, focus on its own genomic profiling solutions and work to break even financially.
“Since acquiring SomaLogic 18 months ago, we have fundamentally transformed the business—repositioning the SomaScan technology, improving operations, investing in high-impact head-to-head studies and ramping strategic biobank activity—successfully establishing it as a category…
Click here to view original post
Click Here to Publish/Feature Your Company or Product News with Biotech Networks
Giving Day 2023 Engages Community, Provides Essential Support for Programs
Beginning at midnight on April 13, the University of Colorado Anschutz Medical Campus held its second annual Giving Day. For 24 hours, the CU Anschutz community was encouraged to contribute to funds honoring pioneers of […]
STAT+: Investors funnel $275 million into Paragon Therapeutics spinout
Investors have funneled $275 million into a revamped biotech developing new psoriasis and psoriatic arthritis treatments that could be given just once or twice a year. The new Oruka Therapeutics launched Wednesday through a reverse […]
Colorado Access Partners with Vital Data Technology for Integrated Quality Improvement Solution
NEWPORT BEACH, Calif., Nov. 8, 2022 /PRNewswire/ — Colorado Access, a non-profit health care company serving Coloradans for more than 25 years, announced a partnership with Vital Data Technology (VDT), a data science-driven healthcare solutions […]
