CM Life Sciences II SPAC Nears Deal to Combine With SomaLogic

A special-purpose acquisition company focused on life sciences and backed by a well-known shareholder activist is nearing a deal to merge with protein-analysis company SomaLogic Inc., according to people familiar with the matter.

CM Life Sciences II , a SPAC backed by Keith Meister’s Corvex Management LP and life-sciences investor Casdin Capital LLC, could finalize a merger with SomaLogic that values the company at around $1.25 billion as soon as Monday.

The deal has the additional backing of a prominent group of investors, including SoftBank Group Corp. subsidiary SB Management, Cathie Wood’s ARK Investment Management LLC and gene-sequencing company Illumina Inc., who will supply SomaLogic with a $375 million private investment in public equity as part of the deal, the people said.