- SomaLogic Inc (NASDAQ:SLGC) has agreed to acquire Palamedrix Inc for $14 million in cash and $21 million in SomaLogic common stock.
- Up to an additional $17.5 million may be paid in connection with achieving certain future revenue-based milestones.
- The transaction is expected to close in the third quarter of 2022 and is not expected to contribute to SomaLogic 2022 revenue.
- The acquisition brings two technologies together, which SomaLogic believes will accelerate SomaScan Platform utilization in global biopharma and academic markets and the emerging proteomic diagnostics space.
- Palamedrix’s technology uses DNA-based biosensors that capture small molecules present in biological samples to pinpoint the presence of an analyte with single-molecule accuracy.
- The platform can organize and interrogate millions of these biosensors on a surface to deliver comprehensive data and a complete view of a patient’s biochemistry from a single sample.
- “We are excited to announce our strategic acquisition of Palamedrix, accelerating our vision to make the SomaScan Platform more accessible to a broader group of customers and to meet their diverse needs,” said SomaLogic CEO Roy Smythe…It also expands our footprint to San Diego, California.”
- Price Action: SLGC shares are down 0.62% at $4.78 during the market session on the last check Tuesday.
Credit Suisse Maintains Underperform on American Express, Raises Price Target to $150
Credit Suisse analyst Moshe Orenbuch maintains American Express (NYSE:AXP) with a Underperform and raises the price target from $132 to $150.
