DiaSorin announced that it agreed to acquire Luminex in an all-cash transaction worth approximately $1.8 billion.
Saluggia, Italy-based DiaSorin’s purchase at $37 per share of Luminex represents a 23.1% premium to Luminex shareholders based on the unaffected closing stock price of the company on Feb. 24, 2021, which was the date prior to press rumors regarding a potential sale, according to a news release. The transaction is expected to close in the third quarter of this year, subject to Luminex shareholder approval.
Luminex develops diagnostic testing products, including platforms based on multiplexing technology. The Austin, Texas-based company’s diagnostics include COVID-19 tests, which received FDA emergency use authorization last year.
DiaSorin, a diagnostics company itself, said in the release that the purchase will broaden its positioning in the molecular diagnostics space while strengthening its existing value proposition in line with its strategic priorities.
The acquisition will afford DiaSorin access to Luminex’s multiplexing technology and a portfolio that will supplement its existing offerings while expanding its U.S. presence. Additionally, the buy allows access to Luminex’s applications throughout the life science industry, DiaSorin said.
DiaSorin and Luminex together expect combined 2020 revenues of approximately $1.5 billion (€1.25 billion).
“We are really excited about this transaction, which we believe creates value for our shareholders and represents an outstanding opportunity for our future growth, positioning DiaSorin and Luminex as a unique combination of diagnostic specialists,” DiaSorin CEO Carlo Rosa said in the release. “Luminex perfectly fits with our strategy to grow our positioning in the molecular diagnostics space, to broaden our presence in the U.S. and to create additional value through life science offerings.
Together, DiaSorin and Luminex will provide a unique offer to laboratories, researchers, clinicians and patients worldwide, matching our extensive solutions in immunodiagnostics and molecular diagnostics with Luminex’s outstanding expertise in multiplexing technology and recognized leadership in life science applications. We look forward to having DiaSorin and Luminex employees working together for an exciting new journey.”