NEW YORK – Singular Genomics Systems' shares shot up more than 60 percent in Monday morning trading after the firm disclosed an updated takeover offer from Deerfield Management that more than doubles the original bid.
According to a filing with the US Securities and Exchange Commission on Monday, Deerfield has amended its takeover proposal for Singular, now offering to pay $24 per share for all outstanding shares of common stock of the sequencing technology developer that it does not already own.
The modified offer is more than twice Deerfield's original offer in September, which was $10 per share. It also doubles a subsequent unsolicited, nonbinding offer from Tang Capital Partners, which offered to pay $12 per share for Singular.
Under the terms of the modified proposal from Deerfield, the firms have entered into an exclusivity agreement "to facilitate completion of Deerfield's due diligence and the preparation and negotiation of definitive agreements," according to the filing.
Singular said there can be "no assurance" that the amended proposal will lead to an agreement.
In mid-morning trading on the Nasdaq, Singular's stock was up 68 percent at $22.57.