With its focus on the molecular microbiology segment, Nanosphere delivers proprietary diagnostic tools that enable rapid and accurate detection of respiratory, gastroenteric and bloodstream infections. The Boards of Directors of both companies have unanimously approved the merger, which is expected to immediately accelerate total revenue growth.
"The acquisition of Nanosphere will significantly enhance Luminex's growth trajectory by expanding our product portfolio, delivering access to new markets and strengthening our pipeline of future products to make us the partner of choice for all molecular labs," said Homi Shamir, president and CEO of Luminex. "The deal demonstrates prudent execution of our fourth strategic growth pillar -- leveraging our financial strength to accelerate growth in our target markets."
"Luminex will recognize significant strategic benefit moving forward as our customer base and leverage in our expanding menu contribute to accelerated revenue growth," said Michael McGarrity, president and CEO of Nanosphere. "The resources and reputation for excellence that Luminex carries in the market will greatly benefit our customers and employees."
Under the terms of the agreement, which has been approved by the boards of directors of both companies, a newly formed, wholly-owned subsidiary of Luminex will commence a tender offer for all outstanding shares ofNanosphere for $1.35 per share in cash. Luminex will fund the acquisition with cash on hand. Luminex intends to commence a tender offer for all of the shares of common stock of Nanosphere within 15 business days. Under the agreement, the tender offer will be followed by a merger to acquire any untendered shares. The tender offer is subject to the tender of a majority of Nanosphere's common shares and certain other customary closing conditions. It is expected that the transaction will close in the second quarter of Luminex's fiscal 2016.