Benzinga | Mar 29, 2021 07:10AM EDT

SomaLogic to Combine with CM Life Sciences II, to Drive Growth and Expand Technology Platform

* Transaction combines SomaLogic's comprehensive proteomics technology platform with CM Life Sciences II, a leading life science-focused SPAC, led by affiliates of institutional investors Casdin Capital and Corvex Management.

* Combination is expected to provide up to $651 million in cash proceeds for SomaLogic, expanding the cash on its balance sheet to $686 million to catalyze organic and inorganic growth initiatives intended to unlock the latent power of proteomics.

* Financing includes a fully committed PIPE of $375 million from both new investors in SomaLogic and prior investors including such notable growth and life science investors, as Casdin Capital, Corvex Management, Janus Henderson Investors, SB Management, a subsidiary of SoftBank Group Corp, 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.

* SomaLogic board at closing is anticipated to include new directors Kevin Conroy, Chairman and CEO of Exact Sciences, Troy Cox, former CEO of Foundation Medicine and Senior Vice President of U.S. BioOncology for Genentech, Steve Quake the Lee Otterson Professor of Bioengineering and Professor of Applied Physics at Stanford University and other industry leaders to be named later.