Luminex (Austin, TX) said today it will acquire privately-held molecular diagnostics company GenturaDx (Hayward, CA) for $50 million cash plus possible additional payments tied to achievement of future milestones and/or product revenue performance.
GenturaDx is in late-stage development of an automated, real-time PCR system that employs a single-use cassette for true sample-to-answer workflow. The system is designed to make rapid, high-quality molecular diagnostics accessible to hospitals and patients worldwide.
The acquisition will allow Luminex to create a molecular diagnostic testing system that combines its MultiCode-RTx chemistry with the GenturaDx system, which provides automated sample extraction, amplification, and detection thereby improving testing throughput, while reducing hands-on time, turnaround times, and sample handling. Luminex anticipates commercial availability of a variety of assays for use with this system by early 2014.
The system's design uses a random access/batch format, enabling customers to run a combination of available assays on up to 12 patients' samples simultaneously.
"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,” Patrick J. Balthrop, president and CEO of Luminex, said in the company’s statement announcing the GenturaDx acquisition.
Luminex said it anticipates the acquisition will add about $6 million in 2012 operating expenses, excluding acquisition-related expenses. In connection with the acquisition, Luminex expects to record charges for cash and noncash acquisition-related costs; the full extent of these charges will not be determined until valuation has been completed. Luminex anticipates recognizing a portion of acquisition-related costs in the second quarter with the remainder of these nonrecurring costs in subsequent periods.