Luminex acquired Tm Bioscience in an all-stock transaction that Luminex says represents a 41.5% premium over Tm’s closing price the day before the announcement. "With Tm's cGMP-capable manufacturing, proprietary molecular detection chemistries, assay development expertise, and a strong menu of kits and reagents, and the complementary assets and strengths of Luminex's partner-based business model, we intend to work closely with our business partners that have relevant distribution channels or complementary products to leverage this new business to the mutual benefit of Luminex and our partners," states Patrick J. Balthrop, president and CEO of Luminex.
Under the terms of the agreement, each Tm Bioscience share will be exchanged for 0.06 shares of Luminex common stock. Upon completion of this transaction, Tm shareholders will own approximately 9% of Luminex outstanding common stock. The transaction is anticipated to close in the first quarter of 2007.
Based in Toronto, Canada, Tm's products include tests for infectious diseases as well as tests for genetic mutations related to cystic fibrosis, sepsis, other debilitating genetic disorders, and personalized medicine. Tm says that its cystic fibrosis test is the first multiplexed human disease genotyping test to be cleared by the FDA for diagnostic use in the U.S.