Standard BioTools sells mass cytometry unit to Element for $5.5 million

Standard BioTools Inc. (NASDAQ: LAB) has terminated its agreement to sell its Mass Cytometry business to Multiplex Bio and entered into a definitive purchase agreement with Element Biosystems, LLC, for $5.5 million in cash. The company announced the change on September 30, 2026, following a review of an unsolicited proposal from GMT Venture Partners, LLC.

The sale to Element, an acquisition vehicle formed by GMT Venture, is expected to close by the end of 2026, substantially concurrently with the closing of Standard BioTools' pending merger with Treeline Biosciences, Inc. The transaction is subject to approval by Standard BioTools stockholders and other customary closing conditions. Under the new agreement, Standard BioTools will receive approximately $5.5 million in upfront cash proceeds at closing, subject to customary adjustments.

Standard BioTools' Board of Directors determined that the proposal from GMT Venture constituted a superior offer compared to the previously announced deal with Multiplex Bio. This determination allowed the company to mutually agree with Multiplex Bio to terminate their purchase agreement. A key factor in the Board's decision was the financial structure of the Element deal; unlike the terminated Multiplex Bio agreement, which required Standard BioTools to provide a $10 million working capital loan, the Element transaction does not include this obligation.

The shift in buyers increases the net cash position of Standard BioTools by approximately $15 million after accounting for related termination and transaction fees. This increased net cash position will be taken into account in the calculation of the final exchange ratio for the Treeline merger. The company expects the Treeline transaction to also close by the end of 2026, subject to similar stockholder approvals and customary conditions.

Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools, stated that the company is pleased to realize greater value for stockholders while ensuring continuity for Mass Cytometry customers and the team. He noted that the competitive interest in the business underscores the strength of the company's CyTOF, Hyperion, and Maxpar products in advancing single cell and spatial biology research.

Tom Claugus, Founder of GMT Venture, said the firm sees significant long-term value in the Mass Cytometry business, citing its foundational technology, customer base, and dedicated team. Claugus expressed commitment to providing resources to support the team, serve customers without interruption, and invest in next-generation products. Element Biosystems plans to partner with Core Quantum Technologies, Inc. and other early-stage biotech firms to expand the use of mass cytometry in drug discovery.

Maynard Nexsen PC served as legal counsel to GMT Venture and Element, while DPO&Co provided transaction advisory services. Standard BioTools emphasizes that its portfolio includes standardized next-generation solutions designed to help biomedical researchers develop therapeutics faster. The company's products are intended for research use only and are not for use in diagnostic procedures.