SomaLogic Acquires DNA Nanotechnology Provider Palamedrix for USD 35m.
MANews-(C)2009-2022
Colorado, US-based SomaLogic (NASDAQ: SLGC), operating in AI data-driven proteomics technology has entered into an agreement to acquire California-based DNA nanotechnology provider Palamedrix, Inc. for USD 35m, the company said.
Under the terms of the merger agreement, SomaLogic will pay at closing USD 35m, comprising USD 14m in cash and USD 21m in SomaLogic common stock.
Up to an additional USD 17.5m may be paid in connection with the achievement of 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.
Palamedrix provides scientific and engineering expertise, miniaturisation technology and enhanced ease-of-use capabilities that SomaLogic intends to leverage as it develops the next generation of the SomaScan Assay.
The acquisition brings two technologies together, which...
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