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Luminex to acquire GenturaDx for $50 million
AUSTIN, Texas—Privately held GenturaDx of Hayward, Calif., seeks to make nucleic acid testing more affordable and practical for laboratories, while Luminex Corp. wants to expand its presence in the diagnostic and testing markets. This all comes together this month in the form of a cash deal worth $50 million, under which Luminex has agreed to acquire GenturaDx.
GenturaDx is developing a polymerase chain reaction (PCR) system to enable rapid and accurate diagnosis with minimal sample volume, a technology for which Luminex expects to see commercial availability of assays by early 2014—the company also aims to integrate the PCR system with its MultiCode-RTx chemistry to increase its status and share in the molecular diagnostic testing market.
"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," said Luminex CEO Patrick J. Balthrop. "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 opportunities and leveraging our leadership position."
Luminex expects the acquisition will add about $6 million in operating expenses this year, excluding acquisition-related expenses. Additional payments beyond the $50 million up front may be made as well, if GenturaDx meets future milestones or achieves product revenue targets.