NEW YORK (GenomeWeb News) – Luminex has signed a definitive agreement to acquire molecular diagnostics firm GenturaDx for $50 million in cash and potential additional consideration based on milestones and/or product revenue performance.
Hayward, Calif.-based GenturaDx is developing a fully integrated, highly automated, real-time PCR system that employs single-use cassettes for molecular diagnostic applications. The system's cartridge design enables automated sample extraction, amplification, and detection, while reducing turnaround time and sample handling, said Luminex. In addition, the system offers a random access/batch format that allows customers to run a combination of assays on up to 12 patient samples simultaneously.
Privately held GenturaDx first unveiled its platform, called IDbox, in November 2010 at the Association for Molecular Pathology meeting in San Jose, Calif. Last year, the firm presented data demonstrating that an assay for herpes simplex virus run on the beta version of the system has sensitivity and specificity comparable to or greater than three commercially available HSV assays.
According to an article in GenomeWeb Daily News sister publication PCR Insider in September 2011, GenturaDx planned to submit its platform, which would be priced at around $50,000, for FDA approval in early 2012. It also was targeting FDA clearance of the HSV later this year with an eye toward a commercial launch in the first half of 2013.
However, Luminex said today that it intends to integrate its MultiCode-RTx chemistry with the GenturaDx instrument and anticipates commercial availability of assays to run on the system by early 2014.
"This acquisition accelerates the development of integrated sample processing capabilities for our technology, and aligns with our mission to reduce healthcare costs and improve clinical outcomes by providing innovative and affordable solutions to today's clinical laboratories," Luminex President and CEO Patrick Balthrop said in a statement.
Luminex said that the acquisition will add around $6 million to its 2012 operating expenses and will be dilutive on a GAAP basis. It expects to record charges for cash and non-cash acquisition-related costs in connection with the deal, though it has not yet determined the full extent of those charges. It added that it will recognize a portion of the acquisition-related costs in the second quarter.
Shares of Luminex were down 11 percent at $21.62 on the Nasdaq in Monday morning trade.