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 that it has received a non-binding proposal from Deerfield Management Company, L.P. and certain affiliated funds (collectively, “Deerfield”), to acquire all of the Company’s outstanding shares of common stock that are not already owned by Deerfield for $10.00 per share in cash. Deerfield, an existing stockholder of the Company, indicated in its letter that it intends to invite other major stockholders and existing management to rollover their shares of common stock into the new company.
The Company’s board of directors previously formed a special committee of independent directors (the “Special Committee”) to evaluate and consider the Company’s strategic alternatives, which would include the proposal submitted by Deerfield.
There can be no assurance that any transaction will be consummated, whether involving Deerfield or any other party. The Company and the Special Committee do not intend to comment further about Deerfield’s proposal unless and until the Special Committee deems further disclosure is appropriate.
A copy of Deerfield’s proposal letter delivered to the Special Committee on September 5, 2024 is available as an exhibit to Deerfield’s statement of beneficial ownership on Schedule 13D, as publicly filed on Thursday, September 12, 2024, with the United States Securities and Exchange Commission.
TD Cowen is serving as financial advisor to the Special Committee, Richards, Layton & Finger, P.A. is serving as the Special Committee’s outside legal advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP is serving as legal advisor to the Company.
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