By Connor Hart
Shares of Singular Genomics Systems jumped after private-equity firm Deerfield Management offered to pay a higher price per share in its non-binding acquisition proposal.
Singular Genomics stock rose 60%, to $21.60, in Monday afternoon trading. Shares, which have nearly tripled in the last three months, are up 54% since the beginning of the year.
Deerfield now plans to acquire all shares of Singular Genomics's common stock that it doesn't already own for $24 each, the San Diego life-science company said in regulatory filing. Deerfield in September had offered to acquire the shares for $10 each.
The higher bid comes after a series of negotiations between Deerfield and a special committee of the Singular Genomics's board that had already been formed to consider strategic alternatives.
The companies have entered into an exclusivity agreement to facilitate completion of Deerfield's due diligence, as well as the proposed sale's preparation and negotiation of definitive agreements, according to the filing. However, there is still no guarantee that the acquisition will go through.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 04, 2024 14:39 ET (19:39 GMT)
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