Standard BioTools and Treeline Biosciences announce merger agreement

Standard BioTools Inc. (NASDAQ: LAB) and Treeline Biosciences announced they have entered into a definitive merger agreement to combine in an all-stock transaction expected to close in the second half of 2026.

The combined company will operate under the name Treeline Biosciences and trade on Nasdaq under the ticker symbol "TRLN." Treeline CEO and co-founder Josh Bilenker will lead the combined company.

The transaction values Standard BioTools at its net cash delivered at closing plus $10 million, estimated at $460 million. Pre-merger Standard BioTools stockholders are expected to own approximately 16% of the combined company, while pre-merger Treeline stockholders will own approximately 84%.

At closing, the combined company is expected to have more than $900 million in pro-forma cash, which is expected to fund operations into 2029. Standard BioTools will add approximately $450 million in net cash to the combined company's balance sheet.

Treeline, founded in 2021, has three programs in Phase 1 clinical trials with expected interim data readouts starting in 2027. The company's pipeline includes small molecule inhibitors, protein degraders and targeted therapy antibody-drug conjugates addressing oncology targets. Three additional programs are expected to enter the clinic in 2027 and 2028 in oncology, neurology and immunology.

Standard BioTools is exploring options including divestitures for its Mass Cytometry and Microfluidics businesses, which Treeline does not intend to operate.

The transaction has been approved by both companies' boards of directors and Treeline stockholders. It remains subject to Standard BioTools stockholder approval, regulatory approvals and other customary closing conditions.

Bilenker previously founded Loxo Oncology, which developed three FDA-approved medicines before its $8 billion acquisition by Eli Lilly. Jeff Engelman will serve as chief scientific officer and Spencer Smith as chief financial officer of the combined company.

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