Standard BioTools agrees to sell Mass Cytometry unit, gets $30M Illumina payout

Standard BioTools Inc. (NASDAQ: LAB) said on July 28, 2026 that it has signed a Share and Asset Purchase Agreement to sell its Mass Cytometry business to Multiplex Bio Inc., a new company founded by advanced imaging industry veterans Michael Johnson, PhD, Tom Villani, PhD and Charles Coffman.¹ The agreement is not yet closed. The transaction is expected to close by the end of 2026, substantially concurrently with the closing of the Treeline transaction, subject to approval by Standard BioTools' stockholders and other customary closing conditions.¹

Under the terms disclosed in the 8-K, the aggregate purchase price for the transaction is $5 million, on a cash-free and debt-free basis, payable entirely through a promissory note issued by Multiplex Bio bearing 6% annual interest and maturing on the fifth anniversary of closing.¹ Standard BioTools will not receive cash consideration at closing, but may receive an additional $5 million if Multiplex Bio completes a qualifying sale above a specified threshold within ten years.¹ Multiplex Bio must also attempt to secure its own working capital loan facility, and if unable to do so, Standard BioTools has agreed to provide up to $10 million.¹

Separately, on July 24, 2026, Standard BioTools and Illumina, Inc. entered into a Termination, Waiver and Release Agreement. Standard BioTools received a payment of approximately $30 million in cash from Illumina in exchange for the waiver and release of certain earnout and royalty payment obligations tied to Illumina's prior acquisition of the SomaLogic business.¹ This payment will be included in Standard BioTools' pro forma net cash position used to determine the exchange ratio in the pending Treeline merger.¹

Also on July 21, 2026, the U.S. Federal Trade Commission provided early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976¹ for the Treeline transaction, which the company expects to close by the end of 2026, subject to stockholder approval and other customary closing conditions.¹