BOULDER — SomaLogic Inc. (Nasdaq: SLGC), a Boulder-based biotechnology company that went public last year in a merger with a special purpose acquisition company, has acquired California DNA nanotechnology company Palamedrix Inc. for $52.5 million.
SomaLogic develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning.
“Palamedriz provides deep scientific and engineering expertise, miniaturization technology and enhanced ease-of-use capabilities that SomaLogic intends to leverage as it develops the next generation of the SomaScan Assay,” the company said in a news release. The company’s “technology uses DNA-based biosensors that capture small molecules present in biological samples to pinpoint the presence of any analyte with single-molecule accuracy.”
At closing, SomaLogic will pay Palamedrix owners $35 million — $14 million in cash and $21 million in SomaLogic common stock. The deal has $17.5 million in escalators that would be paid out upon the achievement of certain future revenue-based milestones.
The Palamedrix team will continue to work from the company’s San Diego-area offices and lab space in La Jolla.
“We are excited to announce our strategic acquisition of Palamedrix, accelerating our vision to make the SomaScan Platform more accessible to a broader group of customers, and to meet their diverse needs,” SomaLogic CEO Roy Smythe said in the release. “This acquisition enhances our future opportunity for growth while allowing SomaLogic to maintain its strong balance sheet. It also expands our footprint to San Diego, California, one of the nation’s leading biotechnology centers of excellence as we continue our work to leverage the power of proteomics to positively impact human health.”