Illumina, Inc. has announced its acquisition of SomaLogic, a leader in data-driven proteomics technology, and other specified assets for $350 million in cash, plus up to $75 million in near-term performance-based milestones and performance-based royalties. This acquisition is expected to enhance Illumina’s presence in the proteomics market and advance the multiomics strategy announced in 2024.
The acquisition is a significant move for Illumina as it combines highly complementary proteomics expertise with the company's industry-leading product innovation and global market reach. The companies have been closely partnered for over three years, and this acquisition is aimed at increasing Illumina's ability to serve its customers and accelerate its technology roadmap towards advanced biomarker discovery and disease profiling.
SomaLogic has approximately 250 employees worldwide and its Boulder, Colorado facilities, including a CLIA* and CAP-certified lab, office, and manufacturing space, will be part of the acquisition. This acquisition will also bring SomaLogic’s aptamer-based affinity proteomics platform into Illumina’s portfolio, enhancing its presence in a high-growth area within the proteomics market.
Furthermore, the kitted NGS-based panels business will add a high-margin consumables revenue stream. Illumina expects this business to become profitable in 2027 on a non-GAAP operating income basis, and for non-GAAP operating margins to be in line with Illumina in 2028.
The acquisition is subject to customary closing conditions, including the receipt of required regulatory clearance, and Illumina expects to close the transaction in the first half of 2026.
Goldman Sachs and Co. LLC is serving as the financial advisor, and Cravath, Swaine & Moore LLP is serving as the legal advisor to Illumina. Centerview Partners LLC is serving as the financial advisor to Standard Biotools, and Freshfields LLP and Richards, Layton & Finger P.C. are serving as its legal counsel. UBS Investment Bank is serving as the financial advisor to the special committee of the Standard Biotools board of directors. Following these announcements, the company's shares moved -0.08%, and are now trading at a price of $90.42. For more information, read the company's full 8-K submission here.
