NEW YORK (GenomeWeb News) – Luminex has completed the acquisition of molecular diagnostics firm GenturaDx for $50 million in cash plus potential additional consideration based on milestones and/or product revenue performance.
Luminex announced the deal earlier this week to acquire the Hayward, Calif.-based firm, which is developing a real-time PCR system, called the IDbox System, that employs single-use cassettes for molecular diagnostic applications.
In a document filed yesterday with the US Securities and Exchange Commission, Luminex disclosed that the additional milestone payments could surpass $10 million if certain revenue and regulatory targets are met. If the IDbox System and at least one assay for use on the system receive CE marking by the end of next year that would trigger a one-time payment of $3 million. If the system and at least one assay, along with clinical software, are cleared for marketing by the US Food and Drug Administration by the end of next year that would trigger a $7 million payment.
Additional milestone payments would be triggered by the IDbox system achieving specified revenue targets in 2013-2015. Those revenue targets are $3.6 million for 2013, $17.1 million for 2014, and 37.4 million for 2015.
The acquisition of GenturaDx will enable Luminex to target the low- to mid-volume molecular diagnostic testing market and provide it with a platform that complements its existing benchtop platforms, on which the company runs highly multiplexed assays based on its xMAP and xTAG bead technology.
"We don't think anyone else can match …the synergies that we're going to get by having an integrated assay and instrument, and a molecular diagnostics play to leverage our current dominant position in multiplexing," Luminex President and CEO Patrick Balthrop told GenomeWeb Daily News sister publication PCR Insider in an interview earlier this week.