CM Life Sciences II’s Business Combination with SomaLogic

White & Case LLP advised CM Life Sciences II, while Reed Smith advised SomaLogic on the deal.

CM Life Sciences II, a special purpose acquisition company (SPAC), closed its agreement to combine with SomaLogic, a leading AI-data-driven proteomics platform for advanced research and clinical application.

Further solidifying their leading market position in the proteomics space, the combined company is expected to receive up to US$651 million of gross proceeds, including the contribution of up to $276 million of cash held in CM Life Sciences II’s trust account from its initial public offering in February 2021 (assuming no redemptions from the trust account) and $375 million from committed equity PIPE funding from a group of institutional and life sciences investors as well as strategic investors. In the transaction, SomaLogic shareholders will receive common stock of CM Life Sciences II and, at their election, up to $50 million in cash in exchange for shares of SomaLogic. The transaction, which values SomaLogic at an enterprise value of approximately US$1.23 billion, is expected to close during the third quarter of 2021.

The White & Case team that advised CM Life Sciences II on the transaction was led by New York partners Joel Rubinstein (Capital Markets; Picture), Matthew Kautz (M&A) and included Houston partner A.J. Ericksen (Capital Markets), New York counsel Patti Marks (Capital Markets), Chicago associate Adam Arnett (M&A), New York associate Patrick Mock (M&A), Chicago associate Eric Clamage (M&A), Silicon Valley associate Sarah Phillips (M&A), Chicago associate Matthew Sieben (M&A), New York partner Henrik Patel (ECB), associate Robin Heszkel (ECB) and Peter Shelburne (ECB), New York partner Andres Liivak (Technology Transactions), Boston partner Charles Larsen (Technology Transactions), Boston partner Anita Varma (Technology Transactions), New York associate Kelly Funderburk (Technology Transactions), Washington DC counsel Paul Pittman (Data, Privacy & Cybersecurity) and associate Kyle Levenberg (Data, Privacy & Cybersecurity), Washington DC partner Rebecca Farrington (Antitrust) and associate Daniela Huerta Garcia (Antitrust), New York partner Steven Gee (Tax) and associate Grayson Weeks (Tax).

Reed Smith advised SomaLogic with Herbert F. Kozlov (partner NY), Ari Edelman (partner, NY), Lynwood E. Reinhardt, (partner, Dallas), Jared Kelly (partner, NY), Moshe J. Kupietzky (counsel, Century City), Donna Salcedo (associate, Century City), Katherine Geddes (associate, Dallas), Anya Lernatovych (associate, Pittsburgh), Sara O’Toole Loevner (associate, Pittsburgh), Brooke C. Dorris (associate, Dallas), James R. Assmann (associate, New York), and Caroline V. Sandy (associate, Dallas).

Involved fees earner: James Assmann – Reed Smith; Brooke Dorris – Reed Smith; Ari Edelman – Reed Smith; Katherine Geddes – Reed Smith; Jared Kelly – Reed Smith; Herbert Kozlov – Reed Smith; Moshe Kupietzky – Reed Smith; Anya Lernatovych – Reed Smith; Sara O’Toole Loevner – Reed Smith; Lynwood Reinhardt – Reed Smith; Donna Salcedo – Reed Smith; Caroline Sandy – Reed Smith; Adam Arnett – White & Case; Eric Clamage – White & Case; A.J. Ericksen – White & Case; Rebecca Farrington – White & Case; Kelly Funderburk – White & Case; Steven Gee – White & Case; Robin Heszkel – White & Case; Daniela Huerta Garcia – White & Case; Matthew Kautz – White & Case; Charles Larsen – White & Case; Kyle Levenberg – White & Case; Andres Liivak – White & Case; Patti Marks – White & Case; Patrick Mock – White & Case; Henrik Patel – White & Case; Sarah Phillips – White & Case; Paul Pittman – White & Case; Joel Rubinstein – White & Case; Peter Shelburne – White & Case; Matthew Sieben – White & Case; Anita Varma – White & Case; Grayson Weeks – White & Case;

Law Firms: Reed Smith; White & Case;

Clients: CM Life Sciences II; SomaLogic;

Author: Martina Bellini