Luminex Drops 17% on $50M Acquisition of GenturaDx
Shares of Luminex (NASDAQ: LMNX) are seeing increased weakness during Monday's trading session after the company announced the acquisition of GenturaDx.
Luminex announced a definitive agreement to acquire privately-held, GenturaDx, a molecular diagnostics company focused on making nucleic acid testing both affordable and practical for any laboratory.
Under the terms of the agreement 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. On a GAAP basis, inclusive of purchase related costs, Luminex expects this acquisition to be dilutive in 2012.
Monday, shares of Luminex are trading down over 17 percent, at about $20.20 per share.
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