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SomaLogic to Acquire DNA Nanotech Firm Palamedrix for up to $52.5M

NEW YORK – Proteomics firm SomaLogic said Tuesday that it has signed an agreement to acquire DNA nanotechnology company Palamedrix for as much as $52.5 million.

Under the deal, SomaLogic will pay $35 million at closing, comprising $14 million in cash and $21 million in SomaLogic common stock, and may pay an additional $17.5 million dependent on revenue-based milestones. The transaction is expected to close in the third quarter and is not expected to contribute to SomaLogic's 2022 revenues.

Boulder, Colorado-based SomaLogic said it plans to use San Diego-based Palamedrix's DNA nanotechnology platform to develop the next generation of its SomaScan proteomic platform and that it believes the technology will help it penetrate the biopharma, academic, and diagnostic markets.

Palamedrix, based in San Diego, has developed DNA nanotechnology that allows it to build arrays of DNA biosensors that can measure proteins and other analytes with single-molecule sensitivity.

"This acquisition enhances our future opportunity for growth while allowing SomaLogic to maintain its strong balance sheet," SomaLogic CEO Roy Smythe said in a statement. "It also expands our footprint to San Diego, California, one of the nation’s leading biotechnology centers of excellence as we continue our work to leverage the power of proteomics to positively impact human health."

"Joining SomaLogic allows us to use our leading molecular engineering expertise to contribute to the company’s impressive product roadmap," Palamedrix CEO Shane Bowen said in a statement. "We share a goal of accelerating our technologies into a new era of proteomics-based biomedical research, clinical diagnostics, and precision medicine."

The Palamedrix team will continue to work out of its existing offices and lab space.