On Monday, Illumina, Inc. ( ILMN ) agreed to acquire Standard BioTools’ subsidiary, SomaLogic.

Following the announcement of the acquisition, Standard BioTools’ stock experienced a significant surge.

The deal consideration includes $350 million in cash payable at closing plus up to $75 million in near-term performance-based milestones and performance-based royalties.

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“The acquisition of SomaLogic will enhance Illumina’s presence in the expanding proteomics market and advance the multiomics strategy we announced in 2024. This will strengthen the value of the NovaSeq X product today and unlock greater capabilities in the future,” said Jacob Thaysen, CEO of Illumina ( ILMN ).

“Illumina and SomaLogic have partnered closely for more than three years, and this combination increases our ability to serve our customers and accelerate our technology roadmap towards advanced biomarker discovery and disease profiling,” Thaysen added.

The transaction builds on a co-development agreement Illumina ( ILMN ) established with SomaLogic in December 2021 to bring the SomaScan Proteomics Assay onto Illumina’s high-throughput next-generation sequencing (NGS) platforms.

Illumina Protein Prep is currently in use with nearly 40 early-access customers globally and will become available to all customers starting in the third quarter of 2025.

Combining SomaLogic’s proteomics technology with Illumina’s NGS ecosystem, DRAGEN software, and Illumina Connected Multiomics will accelerate the technology development roadmap for proteomics and reduce the time and cost of proteomic research.

SomaLogic has approximately 250 employees worldwide.

This transaction brings SomaLogic’s aptamer-based affinity proteomics platform into Illumina’s portfolio, enhancing Illumina’s presence in a high-growth area within the proteomics market.

The kitted NGS-based panels business will add a high-margin consumables revenue stream.

Illumina ( ILMN ) expects the business to become profitable in 2027 on a non-GAAP operating income basis and for non-GAAP operating margins to be in line with Illumina ( ILMN ) in 2028.

Illumina ( ILMN ) expects to close the transaction in the first half of 2026.

Price Action: LAB stock is up 33.8% at $1.41, and ILMN stock is up 0.09% at $90.57 at last check Monday.

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