Madryn Asset Management has sent a letter to Institutional Shareholder Services expressing concerns over the proposed merger between SomaLogic and Standard Biotools. Madryn argues that the current merger terms undervalue SomaLogic's assets, offering no premium and effectively discounting the company's cash position. The letter also points out potential conflicts of interest, as hedge fund manager Eli Casdin is a director of both companies. Madryn emphasizes that SomaLogic, with over $450 million in cash and clear value catalysts, does not need a rushed merger that would disadvantage its common shareholders.