Luminex Corporation today announced that the company has signed a definitive agreement to acquire MilliporeSigma’s flow cytometry portfolio for $75 million, consisting of approximately $69.9 million to be paid under a Stock and Asset Purchase Agreement and approximately $5.1 million in committed inventory purchases. The deal is expected to close by the end of 2018, and to contribute $40 million to $50 million in revenue to the company in 2019.
The acquisition expands Luminex’s existing offering of flow-based detection systems, which is centered around its innovative xMAP® multiplexing technology, with more than 15,000 xMAP systems sold worldwide. xMAP Technology combines advanced fluidics, optics, and digital signal processing with proprietary microsphere technology to deliver industry-leading, multiplexed assay capabilities.
MilliporeSigma’s flow cytometry portfolio includes Amnis®, the market-leading family of imaging flow cytometry products for cell-based analysis, as well as their Guava® portfolio of products, which are economical, high-performance systems based on microcapillary technologies.
“As innovators in flow-based technologies, we are excited to acquire the flow cytometry assets of our existing long-term partner MilliporeSigma, thereby expanding our portfolio of detection systems to address researchers interested in cellular analysis,” said Homi Shamir, President and Chief Executive Officer of Luminex. “We look forward to welcoming the talented MilliporeSigma team to the Luminex family.”
“This strategic agreement – our first acquisition in the research space – allows us to expand our footprint into the multi-billion dollar flow cytometry market. We expect this deal to provide the opportunity for meaningful growth,” Shamir added. “Together with our next generation xMAP system in development, we will be well-positioned with a unique portfolio and strong pipeline to address a wide range of research needs for our current and future customers.”
“This is an exciting opportunity for both of our organizations and I would like to extend my sincerest thanks to our committed colleagues,” said Udit Batra, CEO, MilliporeSigma. “Luminex is a long and trusted partner who has provided a wide range of solutions for clinical diagnostics, pharmaceutical drug discovery and biomedical research. Luminex shares our conviction to solve the toughest problems in life science. This will be a great new home for the team to build on their expertise and introduce more solutions to a broader base. At the same time, our existing customers will get access to Luminex’s respected product portfolio.”
Cantor Fitzgerald & Co. acted as financial advisor to Luminex, and Smith, Gambrell & Russell, LLP acted as legal counsel to Luminex for this transaction.
Management will hold a conference call to discuss the definitive agreement to acquire MilliporeSigma’s flow cytometry portfolio at 7:30 a.m. CDT / 8:30 a.m. EDT, Thursday, October 18, 2018.
The conference call will be webcast live and may be accessed at Luminex Corporation’s website at http://www.luminexcorp.com. Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call will be archived for six months on the website using the ‘replay’ link.
Date: October 22, 2018
Source: Yahoo Finance