DiaSorin Completes $1.8bn acquisition of Luminex

Source : Medtech Insight

Italian Diagnostics company DiaSorin SpA has completed its planned $1.8bn acquisition of Luminex Corporation, the company announced 14 July.

Under the terms of the deal announced in April, DiaSorin will pay $37 a share for Luminex in an all cash deal. Funded through a mixture of cash and external financing, the deal was expected to close at some point in this quarter, provided shareholder consent. ("Luminex Will Be Acquired By DiaSorin For About 18Bn" "Medtech Insight" )

DiaSorin CEO Carlo Rossa said of the deal, “The future success of the diagnostics and life science sectors will be increasingly determined by the ability to innovate through cutting-edge technologies and solutions. Luminex is the perfect asset to boost our growth and to turn us into an even more competitive global company.”

The company hopes that by combining the companies, mutually beneficial market access will be provided to both companies, with an expected yearly $55m in cost synergies expected to be reached within three years.

Luminex is a market leader in multiplexing, molecular diagnostics and flow cytometry, with over 900 clients worldwide. With a heavy presence in research, focusing on value-based care in particular, the company has been at the forefront of SARS-CoV-2 test developments.

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.

In March, Luminex submitted an application to the FDA seeking and EUA for its new expanded NxTAG panel test aimed at respiratory illness. The test combines flu A/B tests, respiratory syncytial virus and another 17 viral and two bacterial targets with a variant-specific SARS-CoV-2 test.

The test can run 96 samples at once. It provides results in four hours, allowing for hospitals to quickly and accurately test patients, which will become increasingly important as the northern hemisphere approaches the winter months.

DiaSorin also has products in the COVID-19 space. In October 2020, it released its LIAISON SARS-CoV-2 antigen test, and in February of this year, it released its SARS-CoV-2 antibody test, to look for prior infection.

By Barnaby Pickering