SomaLogic, a provider of proteomics technology, has agreed to go public via a merger with CM Life Sciences II, a blank check company backed by Casdin Capital and Corvex Management. When the deal closes, CM Life Sciences will be renamed and trade on the NASDAQ under the ticker symbol “SLGC.” Reed Smith advised SomaLogic on the transaction.
New York, March 29, 2021 – Reed Smith has advised SomaLogic, a global leader in proteomics technology, in its definitive business combination agreement with CM Life Sciences II (NASDAQ: CMIIU), a special purpose acquisition company (SPAC) sponsored by affiliates of Casdin Capital, LLC, and Corvex Management LP. Upon the closing of the transaction, CM Life Sciences II will be renamed and its common stock will be listed on NASDAQ under the ticker symbol SLGC.
The Reed Smith team that guided SomaLogic included Herbert F. Kozlov (partner NY), Ari Edelman (partner, NY), Lynwood E. Reinhardt, (partner, Dallas), Jared Kelly (partner, NY), Moshe J. Kupietzky (counsel, Century City), Donna Salcedo (associate, Century City), Katherine Geddes (associate, Dallas), Anya Lernatovych (associate, Pittsburgh), Sara O’Toole Loevner (associate, Pittsburgh), Brooke C. Dorris (associate, Dallas), James R. Assmann (associate, New York), and Caroline V. Sandy (associate, Dallas).
The combination is expected to provide up to $651 million in cash proceeds to shareholders and SomaLogic, including up to $276 million from CM Life Sciences II’s initial public offering in February, and $375 million from committed equity PIPE funding from investors including Casdin Capital and Corvex Management.
Proceeds from the transaction will provide SomaLogic with additional capital for expansion and growth initiatives, including technology development, new product offerings, and additional health system partnerships.
The transaction was approved by the boards of directors for both CM Life Sciences II and SomaLogic and is subject to the approval of CM Life Sciences II and SomaLogic shareholders and other customary conditions. The transaction is expected to close in the third quarter of 2021.
More information about the transaction is available in the SomaLogic press release here.
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