Illumina’s buy of Somalogic could be tipping point for multiomics: Deals Report

The $1 billion takeout of Verve Therapeutics Inc. (NASDAQ:VERV) by Eli Lilly and Co. (NYSE:LLY) was far and away the largest deal of the week, but Monday’s buyout of Somalogic by Illumina could prove to be a major tipping point for multiomics, charting a path for the simultaneous collection of genomic, transcriptomic and proteomic data to go from rare to routine.

Illumina Inc. (NASDAQ:ILMN) is paying $350 million up front to acquire the Somalogic Inc. subsidiary of Standard Biotools Inc. (NASDAQ:LAB). The companies had already forged a co-development partnership under which Illumina was using Somalogic’s proteomics assay in its next-generation sequencing (NGS) platforms. The deal includes another $75 million in earn-out payments tied to commercial thresholds in 2025 and 2026. Standard Biotools is also eligible for royalties...