On December 24, 2023, Madryn Asset Management, LP issued a letter to Institutional Shareholder Services, Inc. (ISS) following ISS? publication of a report that recommends ?cautionary support? for SomaLogic, Inc.?s proposed merger with Standard BioTools Inc. In the letter, Madryn Asset Management highlights current merger consideration, which assigns no value and no premium to the Company?s desirable assets, represents a material discount to Company?s cash.

Madryn Asset Management reiterates combined entity?s proforma capital structure and corporate governance would subordinate the Company?s existing shareholders to conflicted insiders, including hedge fund manager Eli Casdin. Madryn Asset Management also stated that it underscores the Company has clearly identified value catalysts and $450+ million in cash, mitigating the need for a conflict-ridden and rushed merger that harms the Company?s common shareholders.