Singular Genomics Receives Non-Binding Acquisition Proposal from Deerfield
12 September 2024 - 10:31PM
Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company
leveraging novel next-generation sequencing (NGS) and spatial
multiomics technologies to empower researchers and clinicians,
announced today that it has received a non-binding proposal from
Deerfield Management Company, L.P. and certain affiliated funds
(collectively, “Deerfield”), to acquire all of the Company’s
outstanding shares of common stock that are not already owned by
Deerfield for $10.00 per share in cash. Deerfield, an existing
stockholder of the Company, indicated in its letter that it intends
to invite other major stockholders and existing management to
rollover their shares of common stock into the new company.
The Company’s board of directors previously
formed a special committee of independent directors (the “Special
Committee”) to evaluate and consider the Company’s strategic
alternatives, which would include the proposal submitted by
Deerfield.
There can be no assurance that any transaction
will be consummated, whether involving Deerfield or any other
party. The Company and the Special Committee do not intend to
comment further about Deerfield’s proposal unless and until the
Special Committee deems further disclosure is appropriate.
A copy of Deerfield’s proposal letter delivered
to the Special Committee on September 5, 2024 is available as an
exhibit to Deerfield’s statement of beneficial ownership on
Schedule 13D, as publicly filed on Thursday, September 12, 2024,
with the United States Securities and Exchange Commission.
ADVISORS
TD Cowen is serving as financial advisor to the
Special Committee, Richards, Layton & Finger, P.A. is serving
as the Special Committee’s outside legal advisor and Gunderson
Dettmer Stough Villeneuve Franklin & Hachigian, LLP is serving
as legal advisor to the Company.
About Singular Genomics Systems, Inc.
Singular Genomics is a life science technology company that
develops next-generation sequencing and multiomics technologies.
The commercially available G4® Sequencing Platform is a powerful,
highly versatile benchtop genomic sequencer designed to produce
fast and accurate results. In addition, the Company is currently
developing the G4X™ Spatial Sequencer, which will leverage its
proprietary sequencing technology, applying it as an in situ
readout for transcriptomics, proteomics and fluorescent H&E in
tissue, with spatial context and on the same platform as the G4.
Singular Genomics’ mission is to empower researchers and clinicians
to advance science and medicine. Visit www.singulargenomics.com for
more information.
Forward-looking Statements
Certain statements contained in this press release, other than
historical information, constitute forward-looking statements
within the meaning of the federal securities laws. In some cases,
forward-looking statements can be identified by terms such as
“anticipates,” “believes,” “could,” “estimates,” “expects,”
“foresees,” “forecasts,” “guidance,” “intends” “goals,” “may,”
“might,” “outlook,” “plans,” “potential,” “predicts,” “projects,”
“seeks,” “should,” “targets,” “will,” “would” or similar
expressions and the negatives of those terms. These forward-looking
statements are subject to risks, uncertainties, and assumptions. If
the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. New risks emerge from time to time. It
is not possible for our management to predict all risks, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. Further information on
these and additional risks that could affect Singular Genomics’
results is included in its filings with the Securities and Exchange
Commission (“SEC”), including its most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q, and future reports that
Singular Genomics may file with the SEC from time to time, which
could cause actual results to vary from expectations. Any
forward-looking statement made by Singular Genomics in this press
release speaks only as of the day on which Singular Genomics makes
it. Singular Genomics assumes no obligation to, and does not
currently intend to, update any such forward-looking statements
after the date of this release.
Investor ContactPhilip Trip TaylorGilmartin
Groupir@singulargenomics.com
Media ContactMatt
Browningpr@singulargenomics.com
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