NEW YORK – Shares of Singular Genomics Systems shot up 70 percent to $9.53 in Friday morning trading on the Nasdaq after the firm said it has received an acquisition proposal from Deerfield Management for $10 per share.
The San Diego-based sequencing technology firm said in a statement that Deerfield — already a shareholder — and certain affiliated funds have submitted a nonbinding proposal to acquire all the outstanding shares of common stock and have invited other investors and management to "rollover their shares … into the new company."
Funds and individuals associated with Deerfield control approximately 27 percent of Singular's shares, according to a filing with the US Securities and Exchange Commission.
In June, Singular effected a 1-for-30 reverse stock split.
TD Cowen is serving as financial adviser to Singular's "special committee" on strategic alternatives; Richards, Layton & Finger is serving as the Special Committee’s outside legal adviser; and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian is serving as legal adviser to Singular.