NEW YORK – SomaLogic said Wednesday that it has completed its business combination with special purpose acquisition company CM Life Sciences II, raising $630 million in gross proceeds.
The company had first announced its intention to go public through a SPAC in March. The combined company was renamed SomaLogic and its stock will begin trading on the Nasdaq on Sept. 2 under the symbol "SLGC."
Through the transaction, which values SomaLogic at roughly $1.2 billion, the company received gross cash proceeds of approximately $630 million, including from a common stock private investment in public equity funding.
Participants in the PIPE offering were Casdin Capital, Corvex Management, Janus Henderson Investors, SB Management, a subsidiary of SoftBank Group, funds and accounts advised by T. Rowe Price Associates, separate accounts advised by ARK Invest, Farallon Capital, Perceptive Advisors, funds and accounts managed by Counterpoint Global, other existing investors, as well as new strategic investor Illumina and existing strategic investor Novartis Pharma.
"We intend to build on our first-mover advantage — working with research collaborators, diversifying our offerings through kits and other products for life sciences customers, and continuing to develop new diagnostic applications from our deep pipeline," SomaLogic CEO Roy Smythe said in a statement. "SomaLogic had long been a leading, driving force in the evolution of proteomics, and we intend to remain at the forefront of that effort."
SomaLogic's SomaScan platform uses the company's aptamer-based affinity reagents, called Somamers, to measure proteins in patient samples, typically in blood. The platform recently expanded to measure 7,000 proteins per sample, and SomaLogic believes that analyzing this number of proteins across large numbers of samples will provide it with the data it needs to identify correlations between protein levels and patient health that it can package as tests.
Last month, the company said it expects to exceed its previous full-year 2021 guidance of $66.7 million in revenues by 10 percent or more.