Nanosphere | GenomeWeb

Nanosphere

Mergers and acquisitions in the omics space rose for the second year in a row, but the increase was significantly less than the 33 percent uptick in 2015 deals.

Luminex expects Nanosphere to contribute between $13 million and $16 million to its consolidated revenue in 2016.

Luminex's anticipated FY 2016 revenue growth of 6 percent to 9 percent could potentially push higher into the double digits following the integration of Nanosphere.

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

The exchange warned the company that its stock could be delisted if it doesn't meet the $1.00 minimum required closing bid price.

The molecular diagnostics company also reported 35 new customer placements in the fourth quarter.

The firm priced each share at $.47, and plans to use the funding for general corporate purposes and working capital.

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