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Luminex

The company raised its offer to $1.70 per share from its previous agreement of $1.35 per share in response to an unsolicited bid from a third party.

Luminex said it will pay $1.35 per share for the molecular diagnostics developer, which today reported Q1 revenues rose 43 percent year over year.

The company reported record assay and royalty revenues, and said that system revenues grew 39 percent year over year.

The software connects Luminex's FDA-cleared Aries PCR-based platform with its multiplex xMap technology-based Magpix system.

Both the system, which detects and amplifies nucleic acids, and the assay, which identifies and types HSV DNA, were approved in the US late last year. 

The investment bank set a 12-month price target of $2 for the company, saying its Verigene system and tests differentiate it from the competition. 

The multi-analyte Zika virus assay was developed by a Luminex partner, GenArraytion, and is available now for research use only.

The company attributed the increase predominantly to a continued adoption of its infectious disease menu by US microbiology laboratories.

The platform and the assay were cleared by the US Food and Drug Administration in October and were launched in the US shortly thereafter.

The company's full-year revenues rose 5 percent, with revenue from assay sales increasing 15 percent for the year and 12 percent for the quarter.

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