Colorado-based proteomic firm SomaLogic, Inc has signed a definitive agreement to acquire Palamedrix, a DNA nanotechnology firm, for a total consideration of USD 35 million, consisting of cash and stocks. The acquirer will also offer an additional USD 17.5 million in milestone payments based on Palamedrix’s revenue performance. The deal is expected to close in the third quarter of 2022. 

The acquisition will allow SomaLogic to use Palamedrix’s technologies to improve access and usage of its SomaScan platform in areas such as proteomics diagnostics, pharmaceuticals, and academic research. It will also allow the acquirer to expand its operations to California. SomaLogic will also obtain rights to Palamedrix’s intellectual property, which will be used to develop assays for SomaLogic’s clients. 

California-based Palamedrix has developed DNA-based biosensors that are able to provide a complete view of an individual’s biochemistry with a single test. The platform enables the analysis of millions of biosensors to deliver data to doctors and patients. 

SomaLogic is a protein biomarker discovery and clinical diagnostics company that supports drug development. The proteomic platform offers two main services, which are SomaScan Discovery, which provides protein detection, and SomaSignal Tests, which analyzes patient health and risk status for conditions such as cancer, cardiovascular disease, and diabetes.