SomaLogic’s stock surges as it agrees to be bought by Standard BioTools in all-stock merger

SomaLogic Inc.’s
SLGC,
-2.54%
stock was up about 12% in premarket trades on Wednesday after the Boulder, Colo.-based specialist in cell proteins agreed to be acquired in an all-stock merger with Standard BioTools
LAB,
-1.10%
valued at about $1 billion. Standard BioTools’ stock was down by 7%. SomaLogic shareholders will receive 1.11 shares of Standard BioTools common stock for each share of SomaLogic common stock. Based on the Tuesday closing price of Standard BioTools of $2.70 a share, the deal valued SomaLogic at just under $3 a share, above its closing price of $2.30 a share on Wednesday. SomaLogic shareholders will own about 57% of the combined company while Standard BioTools shareholders will about 43%.