Standard BioTools switches mass cytometry buyer to GMT Venture unit, ends Multiplex Bio deal
Standard BioTools terminated its Multiplex Bio sale and signed a new $5.5 million deal with Element Biosystems, a GMT Venture affiliate, after finding the offer superior.
Standard BioTools Inc. (NASDAQ: LAB) announced on September 30, 2026 that it terminated its previously disclosed agreement to sell its Mass Cytometry business to Multiplex Bio and instead signed a definitive agreement to sell the business to Element Biosystems, LLC, an acquisition vehicle formed by GMT Venture Partners, LLC, for $5.5 million in cash payable at closing, subject to customary adjustments.1
According to the company's 8-K, GMT Venture had made an unsolicited proposal for the Mass Cytometry business on August 29, 2026, after the Multiplex Bio transaction was announced on July 28, 2026, and Standard BioTools' board found that the GMT Venture proposal met the standard for engagement under the terms of the Multiplex Bio purchase agreement.1 The board ultimately determined the Element offer was superior, and Standard BioTools and Multiplex Bio mutually agreed to terminate the previously announced Multiplex Bio purchase agreement.1
As part of the wind-down, the company agreed to pay Multiplex Bio a $1.5 million termination fee in connection with the termination.1 GMT Venture separately agreed to contribute $1.0 million toward that fee on Standard BioTools' behalf, described in the filing as the "Multiplex Termination Fee Contribution." The new Element Purchase Agreement, signed with Element as a wholly-owned subsidiary of GMT Venture, sets an aggregate purchase price of $5.5 million in cash on a cash-free, debt-free basis, subject to customary adjustments.1
The company said the upfront proceeds, without the $10 million working capital loan required under the terminated Multiplex Bio agreement, increase net cash counted toward the final exchange ratio for the pending Treeline merger by approximately $15 million after fees.1
Both the Element sale and the separate merger with Treeline Biosciences, Inc. are expected to close by the end of 2026, subject to stockholder approval and other customary conditions.1 The Element agreement includes termination rights if the transaction is not completed by June 30, 2027, with up to two three-month extensions allowed under specified circumstances.1
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