Biotechnology company Luminex has signed an agreement to acquire the US-based molecular diagnostic solutions provider Nanosphere in an all-cash transaction valued at about $58m.
Luminex is offering $1.35 per share for Nanosphere and said it would fund the acquisition with cash on hand.
Nanosphere provides diagnostic tools that allow rapid and accurate detection of respiratory, gastroenteric and bloodstream infections. The company focuses on the molecular microbiology segment.
The company’s Verigene technology platform allows clinicians to rapidly identify the complex, costly and severe infectious diseases through a simple-to-use multiplexed diagnostic test.
The deal allows Luminex to provide customers with automated molecular platforms, including Verigene and Aries, for both syndromic and targeted molecular diagnostic testing.
Luminex president and CEO Homi Shamir said: "The acquisition of Nanosphere will significantly enhance Luminex’s growth trajectory by expanding our product portfolio, delivering access to new markets and strengthening our pipeline of future products to make us the partner of choice for all molecular labs."
Nanosphere president and CEO Michael McGarrity said: "Luminex will recognize significant strategic benefit moving forward as our customer base and leverage in our expanding menu contribute to accelerated revenue growth."
Subject to customary closing conditions, the deal is expected to complete in the second quarter of this year.
Luminex produces instruments and assays by using xMAP open-architecture multi-analyte platform, MultiCode real-time polymerase chain reaction (PCR) and multiplex PCR-based technologies.
Image: Luminex to acquire the US-based Nanosphere. Photo: courtesy of adamr/FreeDigitalPhotos.net.