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Luminex Allocates $23.3M in Goodwill from Tm Bio Buy to 'Intangible Assets'

NEW YORK (GenomeWeb News) - Luminex said yesterday that it has allocated $23.3 million out of a $65.4 million goodwill balance associated with its March acquisition of Tm Bioscience to "intangible assets" and has updated its second-quarter financial statement accordingly.
 
The company said the value of the goodwill asset was subject to adjustment, based on final transaction costs related to the deal, including costs based on Tm Bioscience's fair market valuation relative to the company's assets and liabilities.
 
Luminex said it has completed a portion of its valuation analysis, and has allocated a portion of the goodwill balance to intangible assets and in-process research and development.
 
Of the $23.3 million, Luminex said $8 million of those assets were allocated for in-process R&D and expensed during the second quarter. In addition, the company amortized $859,000 for the quarter and will continue to amortize $850,000 per quarter going forward.
 
The company said it expects the remaining purchase price analysis and allocation will be completed during the third quarter of this year.
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