NEW YORK – Singular Genomics said on Monday that it has entered into a definitive agreement to be acquired by Deerfield Management Company for $20 per share in an all-cash transaction.
Singular Genomics has approximately 2.5 million shares outstanding, placing a value of roughly $50 million on the acquisition.
Deerfield initially offered to buy Singular in September for $10 a share, but it more than doubled that offer to $24 per share the next month after investment firm Tang Capital Partners had made an offer of $12 per share.
A special committee formed by Singular's board of directors had unanimously recommended that the board approve the agreement with Deerfield, and the board subsequently recommended that stockholders adopt and approve the transaction.
Prior to the original acquisition offer in September, Deerfield controlled approximately 27 percent of Singular's shares, according to a filing with the US Securities and Exchange Commission.
Singular will become a private company upon completion of the deal, estimated to close in the first half of 2025, which its board believes will provide greater flexibility to continue advancing its business strategy.
The San Diego-based firm sells the G4 sequencing platform, a benchtop genomic sequencer, and is developing the G4X Spatial Sequencer.
Singular's stock was down a fraction of a percent in Monday morning trading on the Nasdaq at $19.43.