Stealthy biotech Treeline Biosciences to go public via reverse merger with Standard BioTools

Treeline Biosciences announced a plan to become a public company through a reverse merger with microfluidics firm Standard BioTools.

The transaction will give Standard shareholders about 15.5% of the combined entity, while Treeline investors will hold roughly 84.5%, and includes a contingent value right tied to proceeds from any sale of Standard's pre-merger assets.

The combined company will enter the market with nearly $900 million in cash and three experimental cancer drug programs in early-stage trials, plus additional candidates in the pipeline.

Treeline is led by former Loxo Oncology CEO Josh Bilenker, who previously oversaw Loxo's $8 billion acquisition by Eli Lilly and has raised over $1 billion in private funding for the new venture.