SomaLogic issues letter to stockholders in favor of pending merger with Standard

SomaLogic sent an open letter to stockholders urging them to vote “for” the transaction with Standard BioTools. Highlights of the letter include: “Our upcoming special meeting of SomaLogic stockholders to vote on the merger with Standard BioTools is fast approaching. The SomaLogic Board believes that voting “FOR” the transaction represents the best opportunity available to maximize the value of your investment in SomaLogic. The transaction is the result of a months-long, thoughtful, fully informed review by our independent Board…this has been confirmed by both leading independent proxy advisory firms, ISS and Glass Lewis, recommending SomaLogic stockholders vote “FOR” the pending transaction…Benefits of Combination with Standard BioTools: …increased scale and diversification…a robust and more diversified portfolio of life science tools; a stronger financial profile and enhanced operating leverage, with over $180M of pro-forma combined revenue, over $500M of cash, and only $68M of debt; $80M in anticipated run-rate cost synergies achieved by 2026; a combined Board and leadership team that brings together complementary teams with proven experience: SomaLogic stockholders will own 57% of the combined company…SomaLogic publicly announced the initiation of its strategic review process in March 2023, which has provided ample opportunity over the last ten months for any potential strategic or financial partner to emerge…Broad outreach included direct contact with 16 parties; only one party other than Standard BioTools entered into an NDA…Madryn Asset Management has issued misleading public commentary regarding the merger…they are waging a campaign to prioritize their own interests at the expense of other SomaLogic stockholders…Not voting is the same as voting against the transaction…The SomaLogic board urges all stockholders to vote “FOR” the value maximizing transaction on the SomaLogic proxy card today. SomaLogic stockholders are advised to discard any green proxy cards they receive from Madryn Asset Management, LP.”