Singular Genomics to be acquired by Deerfield for $20.00 per share in case

Singular Genomics (OMIC) Systems announced that it has entered into a definitive merger agreement whereby an affiliate of Deerfield Management Company, will acquire Singular Genomics in an all-cash transaction for $20.00 per share. The $20.00 per share represents 254% premium to the last closing share price for Singular’s common stock prior to the September 12, 2024 public disclosure of Deerfield’s initial acquisition proposal. The Singular Genomics Board of Directors formed a special committee composed entirely of independent and disinterested directors to evaluate the Company’s strategic alternatives. The Special Committee led negotiations with the assistance of independent financial and legal advisors. Following the Special Committee’s unanimous recommendation that the Singular Genomics Board of Directors approve the merger agreement, the Singular Genomics Board of Directors approved the merger agreement with newly-formed entities affiliated with Deerfield and recommended that Singular Genomics stockholders adopt and approve the merger agreement and the transaction. Following approval by the Singular Genomics Board, the merger agreement was signed. The transaction is subject to a number of customary conditions, including a vote of the holders of Singular Genomics’ common stock to approve the transaction. Upon completion of the transaction, Singular Genomics will become a private company, which the Singular Board of Directors believes will provide Singular Genomics with greater flexibility to continue advancing its business strategy. The transaction is expected to close in the first half of 2025, subject to the satisfaction of customary closing conditions, including the stockholder approval described above. The transaction is not subject to a financing condition.