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.
Telecommunications and internet group SoftBank’s SB Management unit, pharmaceutical firm Novartis and genomics technology provider Illumina are among the participants in a $375m private investment in public equity (PIPE) financing supporting the transaction.
Corvex Management and funds advised by Casdin Capital are also taking part in the PIPE, as are Janus Henderson Investors, T Rowe Price, Farallon Capital, Perceptive Advisors, accounts advised by Ark Invest, funds and accounts managed by Counterpoint Global and unnamed existing investors.
SomaLogic pools data from users and its partner network to provide detailed health data that helps users manage their personal health more effectively. It specialises in proteomics, the science of proteins.
Casdin Capital led the company’s series A round, which closed at $214m in December 2020 and which included Janus Henderson Investors, Farallon Capital, and funds and accounts advised by T Rowe Price.
Redmile Group, Logos Capital, Revelation Partners, Ziff Capital Healthcare Ventures, Boston Millennia Partners, Millennium Management, Foresite Capital, Blue Water Life Science Advisors, Madryn Asset Management, Fiscus Ventures, Reimagined Ventures, Monashee Investment Management, Mossrock Capital and Soleus Capital filled out the round.
The December round took SomaLogic’s total funding to $578m and came in the wake of $200m from Nan Fung Life Sciences, a subsidiary of conglomerate Nan Fung, as well as digital health technology provider iCarbonX and Madryn Asset Management, in 2018.
Novartis took part in a $16.5m round for the company in 2014, while clinical testing services provider Quest Diagnostics invested $15m in 2005 before pharmaceutical company Otsuka Pharmaceutical put up an undisclosed sum in 2008.
Société Générale, Skye Associates, ProQuest Investments, New West Mezzanine, Lombard Odier, Stronghold Capital and Butcher Holdings are among SomaLogic’s earlier investors.
