Stocks Tumble After Shareholder Approval of Standard BioTools and SomaLogic Merger
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- Standard BioTools (NASDAQ:LAB) and SomaLogic’s (NASDAQ:SLGC) shares stumbled on Friday following approval from both lab tool makers’ shareholders for their proposed merger.
- Having received investors’ consent, the merger is slated to be finalized on January 5, 2024, subject to meeting other closing conditions, as stated by both companies after holding separate special meetings concerning the deal.
- The all-stock deal initially disclosed in October aims to “establish a diversified leader in life science tools, fueled by our mutual dedication to expediting breakthroughs in human health,” SomaLogic (SLGC) remarked in a statement.
- “We are gratified by the outcome of today’s Special Meeting and express our gratitude to our stockholders for backing this merger process,” remarked Michael Egholm, the CEO of Standard BioTools (LAB).
Further Details on Standard BioTools, SomaLogic, etc.