Standard BioTools agreed to merge with drug developer Treeline Biosciences in an all-stock transaction, with the combined company set to operate under the Treeline Biosciences name and trade on Nasdaq as TRLN. Standard BioTools said the merged entity does not plan to continue its mass cytometry and microfluidics businesses, while exploring divestiture options to maximize value. The deal values Standard BioTools at its net cash position of $450 million plus an additional $10 million, and the combined company is expected to hold more than $900 million in cash at closing—funding operations into 2029. Treeline previously raised about $1.2 billion. Standard BioTools shareholders are expected to own about 16% of the combined company, with Treeline shareholders owning about 84%. The structure is designed to be tax-free for Treeline and Standard BioTools shareholders, and includes a contingent value right tied to proceeds from any divestiture of Standard BioTools’ pre-merger assets and Illumina-related payouts.