SoftBank’s SB Management subsidiary, Illumina and Novartis are backing a $375m PIPE supporting the deal, which values the proteomics technology provider at $1.23bn.
SomaLogic, the US-based healthcare management software provider backed by Novartis, Nan Fung, iCarbonX, Otsuka and Quest Diagnostics, agreed a reverse takeover on Monday with special purpose acquisition company CM Life Sciences II.
The deal gives SomaLogic a pre-transaction enterprise value of approximately $1.23bn and will involve it acquiring the spot on the Nasdaq Capital Market taken by CM Life Sciences II – sponsored by Casdin Capital and Corvex Management – in a $240m initial public offering last month.
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