Standard BioTools sells mass cytometry unit to Element Biosystems for $5.5M

Standard BioTools Inc. (NASDAQ: LAB) has terminated its agreement to sell its Mass Cytometry business to Multiplex Bio and instead entered into a definitive agreement to sell the unit to Element Biosystems, LLC, an acquisition vehicle formed by GMT Venture Partners, LLC, for $5.5 million in cash at closing, subject to customary adjustments.

The change follows an unsolicited acquisition proposal from GMT Venture received on Aug. 29, 2026, after the Multiplex Bio transaction was announced on July 28, 2026. Standard BioTools' board reviewed the GMT Venture proposal, determined it met the standard for engagement under the Multiplex Bio purchase agreement, and subsequently concluded that the Element transaction constitutes a superior proposal. Standard BioTools and Multiplex Bio mutually agreed to terminate their prior agreement before the new deal was signed.

The company said the Element deal improves its net cash position by approximately $15 million compared to the Multiplex Bio transaction, after accounting for termination and transaction fees. The prior Multiplex Bio agreement had required Standard BioTools to provide a $10 million working capital loan, which is not required under the Element deal.

The improvement in net cash affects the exchange ratio calculation for Standard BioTools' pending merger with Treeline Biosciences, Inc., which is also expected to close by the end of 2026, subject to stockholder approval and other customary closing conditions.

The Element transaction is also expected to close by the end of 2026, substantially concurrently with the Treeline transaction, pending stockholder approval and other customary closing conditions.

Michael Egholm, President and Chief Executive Officer of Standard BioTools, said the transaction delivers "greater value for our stockholders, while ensuring continuity for our Mass Cytometry customers and team."

Element Biosystems was newly formed by GMT Venture to acquire the Mass Cytometry business and plans to work with Core Quantum Technologies, Inc. and other early-stage biotech companies in the mass cytometry space.

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