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SAN DIEGO - Illumina, Inc. (NASDAQ:ILMN), a $14.3 billion market cap genomics company currently rated ’FAIR’ by InvestingPro’s comprehensive health score system, announced today it has entered into a definitive agreement to acquire proteomics technology company SomaLogic and other specified assets from Standard BioTools (NASDAQ:LAB) for $350 million in cash, with potential additional payments of up to $75 million in performance-based milestones and royalties.
The acquisition builds upon a co-development partnership established in December 2021 that brought SomaLogic’s SomaScan Proteomics Assay to Illumina’s next-generation sequencing platforms. Illumina Protein Prep is currently used by nearly 40 early-access customers globally and will be available to all customers starting in the third quarter of 2025.
"The acquisition of SomaLogic will enhance Illumina’s presence in the expanding proteomics market and advance the multiomics strategy we announced in 2024," said Jacob Thaysen, chief executive officer of Illumina. The company, which maintains a moderate debt-to-equity ratio of 0.4 and generated $709 million in levered free cash flow over the last twelve months, appears positioned to finance this acquisition comfortably.
The transaction includes SomaLogic’s approximately 250 employees worldwide and facilities in Boulder, Colorado, including a CLIA- and CAP-certified lab, office, and manufacturing space.
Illumina expects the business to become profitable in 2027 on a non-GAAP operating income basis, with non-GAAP operating margins aligning with Illumina’s by 2028.
The company stated it remains committed to maintaining an open NGS platform and supporting existing proteomics partnerships while continuing to develop its sequencing ecosystem.
The transaction is subject to customary closing conditions, including regulatory clearance, with an expected closing in the first half of 2026. Until then, both companies will continue to operate independently.
Goldman Sachs and Co. LLC is serving as financial advisor to Illumina, while Centerview Partners LLC is advising Standard BioTools. The information in this article is based on a press release statement from Illumina.
In other recent news, Standard BioTools announced the sale of its SomaLogic business to Illumina for $350 million in upfront cash, with potential milestone payments of up to $75 million. This transaction, which includes SomaScan Assay Services and KREX technology, aims to simplify Standard BioTools’ operations and is expected to close in the first half of 2026, pending regulatory approvals. Following this acquisition, Illumina plans to integrate these assets to enhance its technological capabilities. Additionally, Illumina has expanded its clinical oncology portfolio with the FDA-approved TruSight Oncology Comprehensive test, which is now covered by Medicare and various commercial health plans. In another development, Illumina launched PromoterAI, an AI algorithm designed to improve the diagnosis of rare diseases by identifying genetic variants in noncoding regions of the genome. Analyst firm Canaccord Genuity recently raised Illumina’s stock price target to $99, maintaining a Hold rating, while Piper Sandler reiterated an Overweight rating with a $185 target, citing optimism for the company’s long-term prospects. These developments highlight Illumina’s strategic focus on enhancing its genomic and oncology solutions amidst a challenging market environment.
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