SomaLogic corrects ‘Madryn Asset Management’s misleading disclosure’

SomaLogic (SLGC) issued the following statement in response to a press release issued by Madryn Asset Management on December 26, regarding the pending merger with Standard BioTools (LAB) On Christmas Eve: “Madryn resorted to manufacturing rumors of a third party’s interest in SomaLogic as its latest attempt to stand in the way of a Board-approved transaction. Madryn is using desperate tactics and misleading information in a last-ditch effort to undermine confidence in SomaLogic’s thorough strategic process and interfere with the resulting value-maximizing transaction between SomaLogic and Standard BioTools.Madryn did not publish the response email from Adam Schechter, Chairman and CEO of LabCorp (LH), which makes clear there is no substance to Madryn’s claims. Since the announcement of its pending merger with Standard BioTools, SomaLogic has not received any indication of interest or proposal from LabCorp or any other party with respect to a potential alternative transaction. The correspondence that occurred on Christmas Eve between Avinash Amin, Managing Director at Madryn, Adam Taich, SomaLogic’s Interim CEO, and Mr. Schechter and Garheng Kong, Lead Independent Director of LabCorp is laid out below.At 9:53 a.m. ET on Christmas Eve, Mr. Amin sent an email to Mr. Taich, copying Messrs. Schechter and Kong, claiming that LabCorp was “interested in exploring strategic opportunities with SomaLogic.” Following Mr. Amin’s email, SomaLogic did not receive correspondence in response from LabCorp.”