Standard BioTools (LAB) and Treeline Biosciences said Monday that they have agreed to merge in an all-stock transaction that will create a combined biopharma company focused on oncology and other diseases.

After the deal closes, expected in H2 2026, the combined company is expected to operate as Treeline Biosciences and list on Nasdaq under the ticker "TRLN."

Pre-merger Treeline stockholders will own about 84% of the combined company, while pre-merger Standard BioTools stockholders will own about 16% and receive one contingent value right per share tied to certain legacy asset proceeds and earnout payments, the companies said.

The companies said the deal adds roughly $450 million in net cash from Standard BioTools, bringing combined cash resources to more than $900 million, which is expected to fund operations into 2029.

The transaction has been approved by both boards and Treeline shareholders but still requires approval from Standard BioTools shareholders and regulators, they added.