March 29 Quick Takes: SPAC carrying SomaLogic to NASDAQ; plus LianBio-Tarsus, Qihan, Biohaven, Tempest
SomaLogic Inc. is merging with CM Life Sciences II, a SPAC sponsored by Casdin Capital and Corvex Management (NASDAQ:CMIIU). The deal is expected to give the proteomics company up to $651 million in cash, including $375 million via a PIPE; it would bring the company’s cash to $686 million and give the company a pre-transaction enterprise value of about $1.2 billion. Investors in the deal include Casdin, Corvex, Janus Henderson Investors, SB Management, a subsidiary of SoftBank Group Corp., T. Rowe Price Associates, accounts advised by ARK Invest, Farallon Capital, Perceptive Advisors, funds and accounts managed by Morgan Stanley’s Counterpoint Global, new strategic investor Illumina Inc. (NASDAQ:ILMN) and existing strategic investor Novartis AG (NYSE:NVS; SIX:NOVN). The newly public company will trade on NASDAQ under the ticker “SLGC” after the close of the deal, expected in 3Q21.
LianBio gains China rights to Tarsus eye programs
China in-licensing company LianBio gained exclusive rights to develop and commercialize TP-03, a formulation of lotilaner ophthalmic solution, in mainland China, Hong Kong, Taiwan and Macao from Tarsus Pharmaceuticals Inc. (NASDAQ:TARS) for ocular conditions Demodex blepharitis and Meibomian gland disease. Tarsus will receive a $15 million upfront payment and is eligible for $185 million in milestones, plus tiered low double-digits royalties...