(RTTNews) - Standard BioTools (LAB) announced the strategic sale of SomaLogic to Illumina (ILMN), including SomaScan Assay Services, Authorized Sites and KREX for an upfront payment of $350 million in cash at closing and up to $75 million in cash in near-term milestone payments, for aggregate cash consideration of up to $425 million, plus specified sales royalties on SOMAmer-based next-generation sequencing library preparation kits. Standard BioTools will retain certain Single SOMAmer reagent commercialization rights.
Standard BioTools said the deal significantly simplifies the operating structure of the company and enables the achievement of adjusted EBITDA break-even.
Shares of Standard BioTools are up 20% in pre-market trade on Monday.
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