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Deerfield Management to Acquire Singular Genomics for $20 Per Share in All-Cash Deal

NextEdge Admin

24 Dec 2024

2 min 31 sec

Deerfield Management,next-generation sequencing,Genomics

Singular Genomics Systems, Inc. (Nasdaq: OMIC), a life science technology company specializing in next-generation sequencing (NGS) and spatial multiomics, has announced its acquisition by an affiliate of Deerfield Management Company, L.P. in an all-cash transaction valued at $20.00 per share. This offer represents a 254% premium to Singular’s closing share price prior to Deerfield’s initial proposal on September 12, 2024.

A Special Committee of Singular’s Board, comprised solely of independent directors, led the evaluation and negotiation process with the assistance of financial and legal advisors. Following unanimous approval by the Special Committee, the merger agreement was signed and endorsed by Singular’s Board, which recommends that stockholders approve the transaction. The deal is expected to close in the first half of 2025, pending customary conditions, including stockholder approval.

Once completed, Singular Genomics will become a private company, allowing it greater flexibility to advance its business strategy. Andrew ElBardissi, M.D., Partner at Deerfield, highlighted Singular’s innovative platform, stating, “Singular Genomics empowers researchers and clinicians with state-of-the-art tools to drive breakthroughs in research and medicine.”

Singular’s G4® Sequencing Platform is a versatile benchtop genomic sequencer offering fast and accurate results. The company is also developing the G4X™ Spatial Sequencer to integrate transcriptomics, proteomics, and fluorescent H&E in situ on a single platform.

TD Securities and Houlihan Lokey acted as financial advisors to the Special Committee, with Gunderson Dettmer, LLP as legal counsel. Deerfield was advised by Katten Muchin Rosenman LLP.

Deerfield Management is an investment firm dedicated to advancing healthcare through strategic investments, information, and philanthropy.