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Luminex to Acquire Tm Bioscience; Hopes to Move Its Reagents to Broader Markets

NEW YORK (GenomeWeb News) — Luminex today said it plans to acquire Canadian molecular diagnostic company Tm Bioscience in a stock-for-stock deal.
Luminex said it plans to use what it calls Tm’s “strong menu of kits and reagents” with its own business connections to enhance its sales by getting Tm’s products to wider markets.
Around one month ago Tm said it formed a committee to consider merger or acquisition opportunities and said it “continues to explore other sources of capital but believes that a strategic transaction provides the most cost effective source at this time.”
However, CEO Greg Hines said at the time that “no decision has been made to enter into any transaction at this time. Today, Hines said that Luminex’s offer would be the most advantageous to its shareholders.
“We believe that Luminex can secure the global reach and scale required to properly exploit Tm's product portfolio,” Hines said.
Under the terms of the deal, Tm stock will be exchanged for Luminex shares at a ratio of one Tm share for every .06 share of Luminex.
Luminex said that based on yesterday’s closing price for both companies that represents a 41.5-percent premium to Tm shareholders. Tm closed yesterday at $.65 and Luminex closed at $13.25 a share.
The arrangement will mean that Tm shareholders will own around nine percent of Luminex’s outstanding common stock.
Luminex said the deal is awaiting approval from Tm Bio’s shareholders, regulatory considerations, and “certain other conditions” bundled into the agreement. Luminex anticipates the deal will close in the first quarter of 2007.

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