Diasorin Ord Share News (0GZX)

(Sharecast News) - Italian diagnostics group DiaSorin has agreed to buy Covid-19 test maker Luminex for $1.8bn in cash.
Under the terms of the deal, DiaSorin will pay $37.00 a share for US-based Luminex, which is a premium of about 23.1% to the closing Luminex share price on 24 February, the day before rumours about a potential sale began to circulate.

Luminex develops, manufactures and sells proprietary biological testing technologies and products "with leading applications throughout the Diagnostics and Life Science industries," DiaSorin said.

Following the acquisition, the combined entity will have 2020 revenues of around € 1.25bn and adjusted earnings before interest, tax, depreciation and amortisation of approximately €472m.

DiaSorin chief executive officer Carlo Rosa said: "We are really excited about this transaction, which we believe creates value for our shareholders and represents an outstanding opportunity for our future growth, positioning DiaSorin and Luminex as a unique combination of diagnostic specialists.

"Luminex perfectly fits with our strategy to grow our positioning in the molecular diagnostics space, to broaden our presence in the US, and to create additional value through Life Science offerings. Together, DiaSorin and Luminex will provide a unique offer to laboratories, researchers, clinicians and patients worldwide, matching our extensive solutions in immunodiagnostics and molecular diagnostics with Luminex's outstanding expertise in multiplexing technology and recognized leadership in life science applications."

At 1010 BST, DiaSorin shares were up 8.9% at €152.05.