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Luminex Will Be Acquired By DiaSorin For About $1.8Bn

Luminex Will Be Acquired By DiaSorin For About $1.8Bn

Source : Medtech Insight

Italian diagnostics company DiaSorin SpA agreed to buy Luminex Corporation for about $1.8bn in an all-cash transaction.

DiaSorin said on 11 April the acquisition of Austin, TX-based Luminex, which makes COVID-19 testing kits among other tests, will broaden DiaSorin’s positioning in the molecular diagnostics space and its presence in the US.

“Luminex perfectly fits with our strategy to grow our positioning in the molecular diagnostics space, to broaden our presence in the US and to create additional value through life science offerings,” said DiaSorin CEO Carlo Rosa in a statement.

“The combined company should provide new opportunities for our employees within a larger company that is poised to become a strong leader in the molecular diagnostics and life sciences space,” said Nachum “Homi” Shamir, CEO of Luminex.

Under the terms of the agreement, DiaSorin will pay $37 a share in the all-cash deal. The transaction will be funded through a mix of cash and external financing and is expected to close within the third quarter of 2021, subject to shareholder approval and other customary closing conditions, the companies said

Luminex is a leader in multiplexing technology with more than 900 clients. In July 2020, the company was granted emergency use authorization from the US Food and Drug Administration for its xMAP SARS-CoV-2 Multi-Antigen IgC test, which is used by laboratories to detect the presence of antibodies in people who have been infected with coronavirus.

Last month, the company submitted an application to the FDA seeking EUA for its new respiratory panel combining flu A/B and respiratory syncytial virus (RSV) gets with the SARS-CoV-2 target. That comes just one month after Luminex was awarded $11.3m from the US Biomedical Advanced Research and Development Authority to develop and validate a respiratory panel that combines flu A/B and RSV targets with the SARS-CoV-2 target. ()

The merger will allow Luminex to accelerate its technology and solutions penetration outside the US, the companies said. Luminex said it plans to leverage DiaSorin’s leadership position, generating additional and sustainable long-term growth.

The combination is expected to result in cost synergies of about $55m within three years after completion.

By Marion Webb