Luminex to acquire GenturaDx
Luminex, a developer of proprietary instruments and assays, has signed an agreement to acquire GenturaDx, a Hayward, Calif.-based molecular diagnostics company focused on making nucleic acid testing both affordable and practical for any laboratory.
Luminex will purchase all outstanding shares of GenturaDx for a cash payment of $50 million, subject to working capital reconciliation and potential additional contingent consideration for achievement of future milestones and/or product revenue performance. Luminex anticipates the acquisition will add approximately $6 million in 2012 operating expenses, excluding acquisition related expenses.
Through the acquisition, Luminex will gain GenturaDx’s fully integrated, highly automated, real-time PCR system in late stage development, which employs a single-use cassette for true sample-to-answer workflow. This new system will make rapid, high-quality molecular diagnostics accessible to hospitals and patients worldwide. Luminex expects the integration of its MultiCode-RTx chemistry with the GenturaDx instrument to result in a market leading system for molecular diagnostic testing.
GenturaDx's patented cartridge design provides automated sample extraction, amplification and detection thereby improving testing throughput, while reducing hands on time, turnaround times and sample handling. The system's user-friendly design delivers the convenience of random access/batch format enabling customers to run a combination of available assays on up to 12 patients' samples simultaneously. The flexibility in throughput, rapid turnaround time and small footprint of the GenturaDx instrument add to its appeal. Luminex anticipates commercial availability of a variety of assays for use with this system by early 2014.
"We are excited to have the opportunity to address the needs of a large market by expanding our instrument portfolio and integrating our MultiCode-RTx assays with this innovative platform," said Patrick J. Balthrop, president and CEO of Luminex. "This acquisition accelerates the development of integrated sample processing capabilities for our technology, and aligns with our mission to reduce healthcare costs and improve clinical outcomes by providing innovative and affordable solutions to today's clinical laboratories. The acquisition of GenturaDx builds on our strategic investments to date and positions the company to deliver ongoing growth by increasing our product portfolio, expanding our market