Singular Genomics Receives Non-Binding Acquisition Proposal from Concentra Biosciences and Tang Capital
Rhea-AI Summary
Singular Genomics Systems, Inc. (Nasdaq: OMIC), a company specializing in next-generation sequencing and spatial multiomics technologies, has received an unsolicited non-binding acquisition proposal from Concentra Biosciences, The offer is to acquire all outstanding shares of Singular Genomics for $12.00 per share in cash. Alternatively, Concentra proposed offering a contingent value right for interested stockholders to participate in future value realization.
Tang Capital, the controlling stockholder of Concentra, owns approximately 14.9% of Singular Genomics' outstanding common stock. The company's board has previously formed a special committee of independent directors to evaluate strategic alternatives, including this proposal. TD Cowen is serving as the financial advisor to the special committee.
Positive
- Acquisition offer of $12.00 per share in cash, potentially providing immediate value to shareholders
- Alternative option for stockholders to receive contingent value rights, allowing participation in future value realization
- Special committee already in place to evaluate strategic alternatives, indicating proactive approach to potential offers
Negative
- Unsolicited and non-binding nature of the proposal introduces uncertainty
- Potential conflict of interest with Tang Capital owning 14.9% of Singular Genomics' stock and being the controlling stockholder of the acquiring company
- No assurance that any transaction will be consummated, which may lead to market speculation and volatility
News Market Reaction
On the day this news was published, OMIC gained 1.23%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN DIEGO, Sept. 19, 2024 (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 that it has received an unsolicited non-binding proposal from Concentra Biosciences, LLC (“Concentra”) to acquire all of the Company’s outstanding shares of common stock for
According to a Schedule 13D filed on September 19, 2024 with the U.S. Securities and Exchange Commission (the “SEC”) disclosing Concentra’s proposal, Tang Capital is the controlling stockholder of Concentra and beneficially owns approximately
As previously disclosed, 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 Concentra as well as other proposals that have been or may be submitted to the Special Committee.
There can be no assurance that any transaction will be consummated, whether involving Concentra or any other party. The Company and the Special Committee do not intend to comment further about Concentra’s proposal unless and until the Special Committee deems further disclosure is appropriate.
A copy of the Schedule 13D and Concentra’s proposal is available at the SEC’s website at www.sec.gov.
ADVISORS
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.
About Singular Genomics Systems, Inc.
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.
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
FAQ
What is the acquisition offer for Singular Genomics (OMIC)?
Who made the acquisition proposal for Singular Genomics (OMIC)?
What alternative option did Concentra offer to Singular Genomics (OMIC) shareholders?
How much of Singular Genomics (OMIC) does Tang Capital own?
