DiaSorin Acquires COVID-19 Test Maker Luminex For $37 Per Share

Italian diagnostics firm DiaSorin SpA DSRLF has agreed to acquire Luminex Corporation LMNX for $37 per share in an all-cash transaction, corresponding to a total equity value of approximately $1.8 billion.
The offer price represents around 23.1% premium to Luminex shareholders based on the unaffected closing stock price of Luminex on 24 February (the date before press rumors regarding a potential sale of the company).
Luminex makes COVID-19 laboratory tests along with a suite of other biological testing technologies.
In March, it applied to the FDA for emergency approval of a lab test that combines tests for COVID-19 and the flu.
The acquisition will broaden DiaSorin’s positioning in the molecular diagnostics space gaining access to Luminex’s molecular diagnostics multiplexing technology and a more significant foothold in the U.S. market.
Following the acquisition, the new entity will have a combined 2020 revenue of approximately €1.25 billion, adjusted EBITDA of roughly €472 million, and a favorable net financial position of about €335 million.
The transaction will be funded through a mix of cash and external financing. It’s expected to close in the third quarter.
DiaSorin also signed a $1.1 billion term loan due in 2026 and a $500 million bridge loan due within 12 months with a group of banks including BNP, Citi, Mediobanca, and UniCredit.
Price Action: LMNX shares gained 10.8% at $36.5, whiles DSRLF shares are up 0.49% at $165.81 in premarket trading on the last check Monday.

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