Latest news with #SomaLogic
The Wire
12 hours ago
- Business
- The Wire
Illumina to acquire SomaLogic, accelerating its proteomics business and advancing the company's multiomics strategy
Combines highly complementary proteomics expertise with Illumina's industry-leading product innovation and global market reach Positions Illumina to achieve growth in a large, expanding market Illumina and SomaLogic have partnered in proteomics co-development since late 2021 SAN DIEGO, June 25, 2025 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) announced it has entered into a definitive agreement with Standard BioTools (NASDAQ: LAB) under which Illumina will acquire SomaLogic, a leader in data-driven proteomics technology, 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. "The acquisition of SomaLogic will enhance Illumina's presence in the expanding proteomics market and advance the multiomics strategy we announced in 2024. This will strengthen the value of the NovaSeq X product today and unlock greater capabilities in the future," said Jacob Thaysen, chief executive officer of Illumina. "Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling." This transaction builds on a co-development agreement Illumina established with SomaLogic in December 2021 to bring the SomaScan® Proteomics Assay onto Illumina's high-throughput next-generation-sequencing (NGS) platforms. Illumina Protein Prep is currently in use with nearly 40 early-access customers globally and will become available to all customers starting in the third quarter of 2025. Combining SomaLogic's proteomics technology with Illumina's scalable NGS ecosystem, DRAGEN™ software, and Illumina Connected Multiomics will accelerate the technology development roadmap for proteomics and reduce time and cost of proteomic research. "We are taking the scalability of NGS into proteomics," continued Thaysen. "Illumina will remain an open, accessible, and enabling NGS platform. The Company is committed to maintaining and supporting its existing proteomics partnerships as well as continuing to develop the sequencing ecosystem and supporting a wide variety of multiomics solutions." Scientific evidence* presented over the past year demonstrates the strength of SomaLogic's proteomics offerings in the areas of plexity, scalability, and technical reproducibility. In addition, researchers can generate significant and pivotal insights with high sensitivity, high throughput, and thousands of protein markers in a single experiment. SomaLogic has approximately 250 employees worldwide working in commercial, R&D, lab operations, manufacturing, and other roles. The company's Boulder, Colorado, facilities—including a CLIA- and CAP-certified lab, office, and manufacturing space—will be part of the purchase. SomaLogic has a global footprint serving customers. This transaction brings SomaLogic's aptamer-based affinity proteomics platform into Illumina's portfolio, enhancing Illumina's presence in a high-growth area within the proteomics market. The kitted NGS-based panels business will add a high-margin consumables revenue stream. 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. Goldman Sachs and Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to Illumina. Centerview Partners LLC is serving as financial advisor to Standard BioTools, and Freshfields LLP and Richards, Layton & Finger P.C. are serving as its legal counsel. UBS Investment Bank is serving as financial advisor to the Special Committee of the Standard BioTools Board of Directors. Use of forward-looking statements This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) the completion of the proposed transaction on the anticipated terms and timeline, or at all, including the ability of the parties to obtain required regulatory clearance—such as under the Hart-Scott-Rodino Act in the United States or from government authorities that may have or assert jurisdiction outside the United States—and to satisfy other conditions to closing; (ii) the future conduct and growth of the business and the markets in which we operate, including the proteomics market; (iii) the success of products and services competitive with our own; (iv) our ability to successfully integrate SomaLogic into our existing operations and SomaLogic's technology and products into our portfolio; (v) our ability to sell SomaLogic's products and further develop SomaLogic's technology; (vi) our ability to successfully manage partner and customer relationships in the proteomics market; (vii) our ability to manufacture robust instrumentation and consumables including SomaLogic's products; (viii) challenges inherent in developing, manufacturing, and launching new products and services, including expanding or modifying manufacturing operations and reliance on third-party suppliers for critical components; (ix) challenges inherent in developing, manufacturing, and launching new products and services; and (x) customer uptake of, and satisfaction with, new products and services, together with other factors detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts' expectations, or to provide interim reports or updates on the progress of the current quarter. About Illumina Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit and connect with us on X, Facebook, LinkedIn, Instagram, TikTok, and YouTube. *References: 1. Rooney MR, Chen J, Ballantyne CM, et al. Plasma proteomic comparisons change as coverage expands for SomaLogic and Olink. medRxiv. Preprint posted online July 12, 2024. doi:10.1101/2024.07.11.24310161 2. Kirsher DY, Chand S, Phong A, Nguyen B, Szoke BG, Ahadi S. The current landscape of plasma proteomics: technical advances, biological insights, and biomarker discovery. bioRxiv. Preprint posted online February 19, 2025. doi: 10.1101/2025.02.14.638375 Logo - (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.).
Yahoo
2 days ago
- Business
- Yahoo
Illumina to buy SomaLogic for up to $425M
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. Illumina said Monday it agreed to acquire SomaLogic and other assets from Standard BioTools for $350 million in cash to expand in the proteomics market. The deal includes additional near-term payments of up to $75 million tied to performance milestones, plus royalties. Illumina said the acquisition of SomaLogic, a leader in data-driven technology, will advance the company's multiomics strategy and strengthen the value of its NovaSeq X products. "Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling,' Illumina CEO Jacob Thaysen said in a statement. SomaLogic produces next-generation sequencing library preparation kits. Standard BioTools, which acquired SomaLogic and its SomaScan technology 18 months ago, said Monday it will retain certain reagent commercialization rights on SOMAmer kits. Illumina will remain an open NGS platform, Thaysen said, and the company is committed to maintaining its existing proteomics partnerships and supporting a variety of multiomics solutions. The acquisition by Illumina will help lead SomaScan to its next phase of growth, said Standard BioTools CEO Michael Egholm, adding that the 'value of this transaction reflects the fundamental improvements we have made to the business.' For Standard BioTools, the transaction will simplify the company's operating structure and enable its adjusted earnings before interest, tax, depreciation and amortization to achieve break-even, the CEO said. SomaLogic has about 250 employees worldwide. The company's Boulder, Colorado, facilities, which include a lab, office and manufacturing space, will be part of the purchase. Illumina expects the deal to close in the first half of 2026. Recommended Reading SEC ends probe of Illumina's Grail acquisition Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Illumina bets on proteomics with $425m SomaLogic purchase
Illumina has agreed to acquire proteomics specialist SomaLogic in a deal worth up to $425m, bolstering its portfolio amid investor concerns around its financial performance in 2025. According to the deal, genomics giant Illumina will pay $350m upfront to acquire Standard BioTools' SomaLogic and related assets, with a further $75m on the table if performance-based milestones and royalties are achieved. US-based SomaLogic has approximately 250 employees worldwide working across commercial, R&D, and manufacturing teams. The company's main hub in Colorado will be part of the deal. Illumina expects the transaction to close in the first half of 2026, with the two companies operating as separate entities until then. SomaLogic's acquisition was not enough for shares in Illumina to open higher on 23 June following the announcement. However, analyst company Piper Sandler reiterated an "overweight" rating in early June with a $185 target, citing optimism for the company's long-term prospects. Shares in Standard BioTools, which merged with SomaLogic in January 2024, jumped 12.5% at market, following the sale of the business. The transaction will see Illumina take control of a business it's been working with since December 2021. The two companies forged a partnership more than three years ago to combine their technologies, specifically implementing SomaLogic's SomaScan Proteomics Assay onto Illumina's next-generation sequencing (NGS) platforms. Illumina holds a dominant share in the global NGS market, as per GlobalData analysis. Illumina Protein Prep, a fruition of the collaboration, enables the discovery and quantification of human proteins across more than 200 biological pathways. Now with the acquisition, Illumina will assimilate SomaLogic's offerings into its portfolio. The genomics company stated that SomaLogic's protein analysis technology will unlock 'presence in a high-growth area within the proteomics market'. Illumina expects the kitted NGS-based panels business to provide a significant consumables revenue stream, with the segment becoming profitable in 2027. Illumina CEO Jacob Thaysen said: "The acquisition of SomaLogic will enhance Illumina's presence in the expanding proteomics market and advance the multiomics strategy we announced in 2024. "Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling." Illumina posted mixed 2024 revenue, despite a strong end to the year during Q4. Revenue for the full year was down 2% from 2023, generating $4.33bn, prompting analyst concern about near-term financial prospects. In its Q1 2025 results, the company downwardly revised its guidance for the year ahead, amid tariff and China market demand fallout. The SomaLogic deal marks the latest key business change in the past year for Illumina. In June 2024, it spun off cancer test marker Grail before acquiring single-cell technology company Fluent BioSciences a month later. "Illumina bets on proteomics with $425m SomaLogic purchase" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
