Monday, Standard BioTools Inc. (LAB) announced an agreement with Treeline Biosciences, Inc., a clinical-stage biopharma company, to combine in an all-stock transaction.
The transaction values Standard BioTools at net cash delivered at closing, plus $10 million, which is estimated to be $460 million. At the closing of the deal, pre-merger Standard BioTools stockholders are expected to own approximately 16% of the combined company, whereas pre-merger Treeline stockholders are expected to own the remaining.
Upon completion of the deal, the combined company will trade on the Nasdaq under the ticker symbol "TRLN" and operate under the name Treeline Biosciences, advancing a deep pipeline of small molecule inhibitors, protein degraders and targeted therapy antibody-drug conjugates.
The combined entity is expected to have more than $900 million in pro-forma cash, which is expected to fund operations into 2029. Also, the deal would add approximately $450 million in net cash from Standard BioTools to the combined company's balance sheet.
Notably, Treeline does not intend to operate Standard BioTools's Mass Cytometry and Microfluidics businesses, and Standard BioTools is exploring a range of options, including divestitures, to maximize the value of these businesses.
The combined company will be led by Treeline's Chief Executive Officer Josh Bilenker. Meanwhile, Spencer Smith, Chief Financial Officer of Treeline will serve as CFO.
The transaction is expected to close in the second half of 2026.
In the pre-market hours, LAB is trading at $1.16, up 0.87 on the Nasdaq.
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