By Dhirendra Tripathi
Investing.com – Shares of Luminex (NASDAQ:LMNX) rose more than 11% Monday following a decision by Italy’s DiaSorin (LON:0GZX) to acquire the biological testing technologies company in a $1.8 billion all-cash deal.
Luminex makes Covid-19 laboratory tests along with a suite of other biological testing technologies.
The combined entity will have a combined annual revenue of approximately €1.25 billion ($1.48 billion).
The deal values each share at $37, not far from its current levels. The shares are currently 11% off their 52-week high of $41.25.
Luminex is complementary to DiaSorin’s growing diagnostics segment. Through the acquisition, DiaSorin will gain access to Luminex’s molecular diagnostics multiplexing technology and a portfolio that will strengthen its existing offering while expanding its presence in the U.S.
The acquisition will strengthen DiaSorin’s foothold in the U.S. through access to Luminex’s molecular diagnostics multiplexing technology.