Singular Genomics announced that it has made a definitive merger agreement in which an affiliate of Deerfield Management Company will acquire Singular Genomics in an all-cash transaction for $20 per share.
Singular Genomics, a San Diego-based firm developing next-generation sequencing (NGS) and spatial multiomics technologies, said in a statement that the $20 per share is a 254% premium to the last closing share price for Singular’s common stock prior to the September 12 public disclosure of Deerfield’s initial acquisition proposal.
A special committee formed by Singular Genomics’ board of directors, comprising independent and disinterested directors, led the negotiations with Deerfield, with the assistance of independent financial and legal advisers. On the special committee’s unanimous recommendation, the board of directors approved the merger agreement with newly formed entities affiliated with Deerfield, the company said.
TD Securities and Houlihan Lokey are serving as financial advisers to the special committee of the Singular Genomics board of directors. Gunderson Dettmer, LLP is serving as legal advisor to Singular Genomics, and Richards, Layton & Finger, P.A. is serving as counsel to the special committee. Katten Muchin Rosenman LLP is serving as legal advisor to Deerfield.
The transaction is expected to close in the first half of 2025, subject to the satisfaction of customary closing conditions, including a vote of the holders of Singular Genomics’ common stock to approve the transaction, but is not subject to any financing condition.
Upon completion of the transaction, Singular Genomics will become a private company.
