Standard BioTools Completes Sale of SomaLogic to Illumina

Rhea-AI Summary

Standard BioTools (NASDAQ: LAB) completed the sale of SomaLogic to Illumina for $350 million upfront and is eligible for up to $75 million in near-term earnouts, for aggregate cash consideration of up to $425 million plus specified royalties.

As of Jan. 30, 2026, the company estimates approximately $550 million in cash and cash equivalents (unaudited), expects continuing operations to reach positive adjusted EBITDA in 2026, and retains a 2% royalty plus a co-exclusive Single SOMAmer license.

Positive

• $350 million upfront cash received at closing
• Potential aggregate proceeds of up to $425 million including earnouts
• ~$550 million estimated cash and cash equivalents on hand at close
• Company targets positive adjusted EBITDA in 2026
• 2% royalty on SOMAmer NGS kit net revenues for 10 years and co-exclusive license

Negative

• Up to $75 million in earnouts is contingent on 2025 and 2026 performance targets
• Estimated $550 million cash balance is unaudited and subject to adjustment

Key Figures

Upfront cash received: $350 million Total cash consideration: Up to $425 million Earnout potential: Up to $75 million +5 more

8 metrics

Upfront cash received $350 million Cash payment from Illumina at SomaLogic transaction closing

Total cash consideration Up to $425 million Aggregate proceeds including near-term earnout payments

Earnout potential Up to $75 million Performance-based earnouts for 2025 and 2026

Cash balance at close Approximately $550 million Estimated cash & cash equivalents on balance sheet at transaction close

2025 earnout tranche Up to $25 million Based on 2025 net revenue performance targets

2026 earnout tranche Up to $50 million Based on 2026 net revenue performance targets

Royalty rate 2% Royalty on net revenues from SOMAmer-based NGS prep kits

Royalty duration 10 years Term for 2% royalty on SOMAmer-based NGS prep kit revenues

Market Reality Check

Price: $1.40 Vol: Volume 686,417 is below t...

low vol

$1.40 Last Close

Volume Volume 686,417 is below the 20-day average of 1,511,025 (about 0.45x typical activity). low

Technical Price at $1.41, trading above the 200-day MA at $1.28 and 18.0% below the 52-week high.

Peers on Argus

LAB was down 1.4% while key peers were mixed: BVS up 0.9%, CTKB down 1.96%, KIDS...

LAB was down 1.4% while key peers were mixed: BVS up 0.9%, CTKB down 1.96%, KIDS slightly lower and ZIMV/AVNS flat. Movements do not indicate a coordinated sector move.

Historical Context

5 past events · Latest: Jan 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Prelim revenue update	Positive	+20.3%	Preliminary Q4/FY25 revenue and cash outlook tied to SomaLogic sale.
Nov 19	Strategic collaboration	Positive	+3.2%	Collaboration to enhance Imaging Mass Cytometry multi-omic readouts.
Nov 10	M&A agreement news	Positive	+3.5%	Illumina notes definitive agreement to acquire SomaLogic from LAB.
Nov 04	Q3 2025 earnings	Negative	-4.0%	Q3 loss and revenue decline despite restructuring and 2026 EBITDA target.
Oct 21	Earnings date notice	Neutral	+3.1%	Announcement of timing for upcoming Q3 2025 financial results release.

Pattern Detected

Across the last five news events, price reactions have consistently aligned with the underlying news tone, with notably strong upside on positive strategic and financial updates.

Recent Company History

Over the last several months, Standard BioTools has combined strategic transactions with operational restructuring. On Oct 21, 2025 it scheduled Q3 results, followed by Q3 earnings on Nov 4 highlighting cost savings and a 2026 positive adjusted EBITDA goal. November brought an Illumina SomaLogic agreement and an Imaging Mass Cytometry collaboration. On Jan 8, 2026, preliminary 2025 revenue and the expectation of ~$550M cash at the SomaLogic close drove a strong positive reaction. Today’s completed sale and cash balance update build directly on that trajectory.

Market Pulse Summary

This announcement finalizes the SomaLogic sale to Illumina, delivering $350 million upfront, up to $...

Analysis

This announcement finalizes the SomaLogic sale to Illumina, delivering $350 million upfront, up to $75 million in earnouts, and an estimated $550 million cash balance at close, plus a 2% royalty stream over 10 years. It follows earlier guidance about using this capital to support a path toward positive adjusted EBITDA in 2026. Investors may focus on how quickly management deploys this balance into disciplined M&A, organic growth, and margin improvement versus simply accumulating cash.

Key Terms

earnout payments, adjusted EBITDA, cash and cash equivalents, royalty, +4 more

8 terms

earnout payments financial

"up to $75 million in near-term earnout payments for aggregate cash consideration"

Earnout payments are additional sums the buyer of a business agrees to pay the seller later if the acquired company achieves specific performance goals, like revenue or profit targets. Think of it as a bonus paid after the sale that ties part of the purchase price to future results; for investors this changes how much risk and future cash flow the deal carries and can affect valuation, incentives and reported liabilities.

adjusted EBITDA financial

"Continuing Operations on track to achieve positive adjusted EBITDA in 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

cash and cash equivalents financial

"Approximately $550 Million in cash & cash equivalents on balance sheet at close"

Cash and cash equivalents are the money a company has on hand plus very short-term, low-risk investments that can be quickly turned into cash, like bank deposits or government bills. Investors watch this figure because it shows a company’s immediate ability to pay bills, cover unexpected costs, and fund operations or growth — like a household’s checking account and emergency fund that keeps daily life running smoothly.

royalty financial

"Standard BioTools will also receive a 2% royalty on net revenues generated"

A royalty is a payment made to the owner of a resource or asset—such as a patent, mineral rights, or creative work—whenever others use or profit from it. For investors, royalties provide a steady stream of income without owning the entire asset, similar to earning a small commission each time a product is sold or a service is used. This makes royalties an important factor in valuing certain types of investments.

NGS medical

"SOMAmer-based NGS library preparation kits for 10 years and a co-exclusive license"

A laboratory method that reads large amounts of DNA or RNA quickly to identify genetic differences, mutations, or microbes, similar to scanning many pages of a book at once to find important words. Investors care because it drives diagnostics, drug discovery and personalized treatments, can create recurring revenue from testing services and instruments, and influences regulatory approvals, partnerships and market value in biotech and healthcare companies.

co-exclusive license regulatory

"and a co-exclusive license to the intellectual property relating to Single SOMAmer"

A co-exclusive license gives two or more parties exclusive rights to use, make, or sell a product, technology or drug in defined ways, while barring others from those same rights; the exclusivity is shared among the named licensees and often carved up by territory, market or application. This matters to investors because it shapes who can earn revenue, how competition and collaboration are managed, and how control over future income and development is divided — like two chefs sharing the only permission to sell the same secret recipe in different neighborhoods.

singleplex affinity assays medical

"Single SOMAmer commercialization in singleplex affinity assays."

A singleplex affinity assay is a laboratory test that uses a specific binding partner (like an antibody) to detect and measure one particular biological molecule or marker. Think of it as a single lock-and-key test that tells you how much of one substance is present. For investors, results from these assays indicate the accuracy and market potential of diagnostic tests or drug monitoring tools, and they affect regulatory approval, product adoption, and revenue prospects.

net revenue financial

"payable upon the achievement of specified targets for net revenue generated"

Net revenue is the total amount of money a company earns from selling its products or services after subtracting any returns, discounts, or refunds. It shows how much actual income the company keeps from its sales. This figure is important because it reveals the true earnings from business activities, helping people understand how well the company is doing.

AI-generated analysis. Not financial advice.

Received $350 Million in upfront cash at closing; Up to $425 Million in total proceeds inclusive of near-term earnout payments

Approximately $550 Million in cash & cash equivalents on balance sheet at close, excluding potential future earnouts, to fuel inorganic growth strategy 

Continuing Operations on track to achieve positive adjusted EBITDA in 2026

BOSTON, Mass., Jan. 30, 2026 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company” or “Standard BioTools”) today announced it has completed the previously announced sale of SomaLogic to Illumina, Inc. (NASDAQ: ILMN) (“Illumina”) for $350 million in upfront cash and up to $75 million in near-term earnout payments for aggregate cash consideration of up to $425 million plus specified royalties.

“The closing of this transaction marks a major milestone in our strategic transformation. We are lean, focused and extremely well positioned, and emerge today far stronger than we were yesterday,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “We are now financially resourced to pursue disciplined M&A that accelerates growth and scale like few similarly sized peers in our industry can.”

Transaction Details

With the sale of SomaLogic to Illumina, which includes SomaScan® Assay Services, Authorized Sites and KREX™,  Standard BioTools received an upfront payment of $350 million, subject to customary adjustments, and is eligible to receive up to $75 million in earnout payments, consisting of up to $25 million based on 2025 performance and up to $50 million based on 2026 performance, payable upon the achievement of specified targets for net revenue generated from SOMAmer-based assay services and related products.¹ 

Standard BioTools will also receive a 2% royalty on net revenues generated from sales of SOMAmer-based NGS library preparation kits for 10 years and a co-exclusive license to the intellectual property relating to Single SOMAmer commercialization in singleplex affinity assays.

Following the closing of the transaction, as of January 30, 2026, Standard BioTools estimates a cash and cash equivalents balance of approximately $550 million. This approximate cash and cash equivalents balance is unaudited and may be adjusted as a result of, among other things, completion of financial closing procedures and internal reviews. This financial information does not represent a comprehensive statement of the Company’s current financial results.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance, including with respect to potential earnout payments and royalty streams; expected cash and cash equivalents; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits of the transaction. All statements, other than statements of historical fact, may be forward-looking statements. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “should,” “likely,” “will” and other words and terms of similar meaning.

Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including, but not limited to: risks of stockholder litigation relating to the transaction, including resulting expense the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; risks that the anticipated benefits and synergies of prior and potential future acquisitions and the integration of any such businesses, including the potential for such transactions to drive long-term profitable growth, may not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from such transactions; possible integration, restructuring and transition-related disruption resulting from such transactions, including through the loss of customers, suppliers, and employees and adverse impacts on the Company’s development activities and results of operation; integration and restructuring activities, including customer and employee relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause the Company to use cash more quickly than it expects or change or curtail some of the Company’s plans, or both; risks that the Company’s expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions; changes in the Company’s business or external market conditions; anticipated NIH funding pressures; the expected effect from U.S. export controls and the expected impact from tariffs; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components or materials for, or manufacturing of, the Company’s products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to the Company’s research and development activities and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition.

For information regarding other related risks, see the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 11, 2025, in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 15, 2025 and in the Company’s other filings with the SEC.

These forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.

About Standard BioTools Inc.

Standard BioTools Inc. (Nasdaq: LAB), has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop better medicines faster. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology and immunotherapy. Learn more at standardbio.com or connect with us on X, Facebook®, LinkedIn, and YouTube™.

For Research Use Only. Not for use in diagnostic procedures.

Limited Use Label License and other terms may apply: standardbio.com/legal/salesterms.
Patent and License Information: standardbio.com/legal/notices.
Trademarks: standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2026 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.

Investor Contact:
ir@standardbio.com

¹ The earnout payment of up to $25 million based on 2025 performance will be determined in accordance with the terms of the definitive transaction documentation, including customary review procedures between Standard BioTools and Illumina.

FAQ

How much cash did Standard BioTools (LAB) receive from the SomaLogic sale?

Standard BioTools received $350 million in upfront cash at closing. According to the company, the transaction also makes the seller eligible for up to $75 million in near-term earnouts tied to 2025 and 2026 targets.

What is the total potential consideration Standard BioTools (LAB) could receive from Illumina?

Total potential cash consideration is up to $425 million including earnouts. According to the company, specified royalties and license terms are in addition to the cash consideration.

How will the SomaLogic sale affect Standard BioTools' cash position (LAB)?

Standard BioTools estimates approximately $550 million in cash and cash equivalents after closing. According to the company, this estimated balance is unaudited and may be adjusted during closing procedures.

Does Standard BioTools (LAB) retain any future revenue from SomaLogic products?

Yes. The company will receive a 2% royalty for 10 years on SOMAmer-based NGS kit net revenues and a co-exclusive Single SOMAmer commercialization license. According to the company, these rights provide ongoing, though limited, revenue exposure.

What financial outlook did Standard BioTools (LAB) give after the sale?

The company said continuing operations are on track to achieve positive adjusted EBITDA in 2026. According to the company, the transaction strengthens the balance sheet to pursue disciplined M&A and growth.