Illumina to acquire SomaLogic for $350M in cash

Illumina (ILMN) announced it has entered into a definitive agreement with Standard BioTools (LAB) under which Illumina will acquire SomaLogic and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance-based milestones and performance-based royalties. Based on the projected closing date, Illumina expects this business to become profitable in 2027 on a non-GAAP operating income basis, and for non-GAAP operating margins to be in line with Illumina in 2028. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory clearance. The parties intend to make the necessary filing under the Hart-Scott-Rodino Act in the United States in due course. Illumina expects to close the transaction in the first half of 2026. Until then, the companies will continue to operate as separate and independent entities.