Singular Genomics has been acquired by Deerfield Management, becoming a private company and appointing new leadership.
Quiver AI Summary
Singular Genomics Systems, Inc. has announced the completion of its acquisition by Deerfield Management Company, with the deal priced at $20.00 per share for all outstanding common stock not owned by Deerfield. The acquisition was approved by Singular Genomics' shareholders on February 19, 2025, leading to the company’s transition to a private entity, which the Board believes will enhance its business strategy. Following the acquisition, Josh Stahl has been appointed as CEO, with Drew Spaventa continuing as a board member and special advisor. The company is known for its innovations in next-generation sequencing technologies, including the G4® Sequencing Platform and the upcoming G4X™ Spatial Sequencer. Trading of Singular Genomics' stock has been suspended on Nasdaq as it seeks delisting.
Potential Positives
- Singular Genomics successfully completed its acquisition by Deerfield Management Company, enhancing its strategic direction and resources.
- The acquisition was finalized at a price of $20.00 per share in cash, providing financial liquidity for shareholders.
- Effective leadership changes, with Josh Stahl appointed as CEO, may bring new insights and drive the company’s mission forward.
- Transitioning to a private company allows Singular Genomics greater flexibility in advancing its technology and business strategy.
Potential Negatives
- Trading of Singular Genomics’ common stock has been suspended on Nasdaq, indicating a shift away from public company status, which could raise concerns among investors about transparency and accessibility to capital.
- Singular Genomics has requested to be delisted from Nasdaq, suggesting potential challenges in maintaining investor confidence and future growth prospects as a private entity.
- The transition to a private company may limit public accountability and scrutiny, potentially leading to less favorable long-term business outcomes without the pressure to meet public market expectations.
FAQ
What recent acquisition did Singular Genomics announce?
Singular Genomics announced its acquisition by an affiliate of Deerfield Management Company, L.P. as of February 21, 2025.
What was the acquisition price per share for Singular Genomics?
The acquisition price was $20.00 per share in cash for all outstanding shares not owned by Deerfield.
What changes occurred at Singular Genomics after the acquisition?
Singular Genomics is now a private company, with Josh Stahl appointed as the new CEO and Board member.
Why did Singular Genomics decide to go private?
The Singular Board believes going private will provide greater flexibility to advance its business strategy.
What is the primary mission of Singular Genomics?
Singular Genomics aims to empower researchers and clinicians to advance science and medicine through its technology.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OMIC Insider Trading Activity
$OMIC insiders have traded $OMIC stock on the open market 7 times in the past 6 months. Of those trades, 3 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $OMIC stock by insiders over the last 6 months:
- KEVIN TANG has made 3 purchases buying 122,416 shares for an estimated $1,806,219 and 0 sales.
- ANDREW SPAVENTA (Chief Executive Officer) has made 0 purchases and 4 sales selling 1,850 shares for an estimated $37,376.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
Full Release
SAN DIEGO, Feb. 21, 2025 (GLOBE NEWSWIRE) -- 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 the closing of its acquisition by an affiliate of Deerfield Management Company, L.P.
On December 23, 2024, Singular Genomics announced that Deerfield had signed a definitive agreement to acquire all of the outstanding shares of Singular Genomics common stock not currently owned by Deerfield for $20.00 per share in cash.
Following the satisfaction of customary conditions, including a vote of the holders of Singular Genomics’ common stock to approve the transaction, which occurred on February 19, 2025, the transaction has now closed. Effective as of closing, Singular Genomics now operates as a private company, which the Singular Board of Directors believes will provide the Company with greater flexibility to continue advancing its business strategy. Trading of Singular Genomics’ common stock has been suspended on Nasdaq and Singular Genomics has requested that its common stock be delisted from Nasdaq.
Pursuant to the transaction, Josh Stahl has been appointed to lead Singular Genomics as Chief Executive Officer and will join the company’s Board of Directors. Jason Myers will also join the Board. Drew Spaventa, co-founder of Singular Genomics and the company’s previous Chief Executive Officer and Chairman, will continue to serve on the Board and assume an additional role as special advisor to the CEO.
“We are pleased to support Singular Genomics during this important transition,” said Andrew ElBardissi, M.D., Partner at Deerfield. “We look forward to this new direction for the company and its technology as Singular continues its work to provide physicians and scientists with crucial sequencing and multiomics information.”
Advisors
TD Securities and Houlihan Lokey served as financial advisors to the Special Committee of the Singular Genomics Board of Directors, Gunderson Dettmer, LLP served as legal advisor to Singular Genomics, and Richards, Layton & Finger, P.A. served as counsel to the Special Committee of the Singular Genomics Board of Directors. Katten Muchin Rosenman LLP served as legal advisor to Deerfield.
About Singular
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.
About Deerfield
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, visit
www.deerfield.com
.
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 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 Contact
Philip Trip Taylor
Gilmartin Group
ir@singulargenomics.com
Media Contact
Matt Browning
pr@singulargenomics.com
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