Bruker Corporation and PhenomeX Inc. recently announced that they have signed a definitive agreement for Bruker to acquire PhenomeX for $1 per share in an all-cash transaction. The proposed deal values PhenomeX at a total equity value of approximately $108 million. PhenomeX is a functional cell biology company that provides single-cell biology research tools to deliver deep insights into cellular function and new perspectives on phenomes and genotype-to-phenotype linkages.
PhenomeX launched in early 2023 through the combination of Berkeley Lights and IsoPlexis, and PhenomeX currently has an installed base of more than 400 instruments. And PhenomeX provides single-cell biology workflows with instruments, software, and molecular biology reagents.
PhenomeX’s products include the key Beacon Optofluidic platform and the IsoLight and IsoSpark proteomics barcoding platform. And Tthe Beacon Optofluidic system enables researchers to accelerate biologics product development by functionalizing tens of thousands of single cells in parallel while maintaining the cells in a healthy state for further genomic and proteomic profiling, connecting phenotype with genotype and other multiomic information. The Protein Barcoding Suite includes the IsoLight and IsoSpark instruments, which automate multiplexed measurements of the extracellular proteome and the intracellular proteome of single cells for translational research.
Terms of the Deal
Bruker will commence a tender offer to acquire all outstanding shares of PhenomeX for a purchase price of $1 per share in cash, for a total equity value of approximately $108 million. And the deal is not subject to any financing conditions and is expected to close in the fourth quarter of 2023, subject to customary closing conditions. After the tender offer closes, PhenomeX is going to merge into a wholly owned subsidiary of Bruker, and any shares of PhenomeX that were not tendered in the tender offer will be converted into the right to receive the same per-share consideration as paid in the tender offer.
KEY QUOTES:
“The unique single-cell analysis platforms of PhenomeX are enabling researchers to more rapidly and precisely unlock new insights in functional cell biology research leading to important discoveries across the large and rapidly growing markets of antibody therapeutics, cell line development, cell therapy and gene therapy. This acquisition will mark Bruker’s entry into single-cell biology research tools, which complements Bruker’s emerging spatial biology business – in support of our transformational Project Accelerate 2.0 strategy.”
— Dr. Mark R. Munch, President of the Bruker NANO Group
“This is an important next step for PhenomeX as we bring together two companies passionate about innovating for our customers to support human health. By joining forces with Bruker, a respected and innovative global leader in life science research tools, we will not only enhance PhenomeX’s differentiated, high-value technologies but also our customers’ abilities to discover novel antibodies and accelerate development and manufacturing of cell and gene therapies. I am very proud of the PhenomeX team, and excited to work with our new colleagues at Bruker as we enter our next phase of growth.”
— Siddhartha Kadia, PhD, Chief Executive Officer and Director of PhenomeX
