Diasorin at the big blow in the USA. The Italian diagnostics company has announced the merger agreement for the acquisition of Luminex Corporation, listed on Nasdaq, gives for a cash price of $ 37 per share, which leads to an American company valuation of $ 1.8 billion.
Luminex develops, manufactures and sells proprietary technologies and biological examination products with various applications in the diagnostic and life science industries. With more than 900 active customers, it is a leader in the multiplexing molecular diagnostics market, the fastest growing sector in the molecular diagnostics market.
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“Luminex is perfectly in line with our strategy and with the will to strengthen our positioning in molecular diagnostics, to expand our presence in the US market and to create further value by providing solutions to the life science sector”, underlines Carlo Rosa, CEO of DiaSorin. : “With Luminex, we will provide an unrivaled offering to laboratories, researchers, doctors and patients around the world by combining our many immunodiagnostics and molecular diagnostics solutions with their exceptional multiplexing and life science expertise. We look forward to embarking on this path that will see the people of DiaSorin and Luminex work together to write a new chapter in our new common history ».
Following the acquisition, the consolidated turnover on a combined basis for 2020 would be approximately € 1.25 billion, the adjusted EBITDA of approximately 472 million and the positive Net Financial Position of approximately 335 million. The operation will be financed through a mix of cash and debt: in this regard, DiaSorin has signed a line with a syndicate of banks (which includes BNP Paribas, Citi, Mediobanca and UniCredit) which provides for a term loan of 1.1 billion dollars maturing in 2026 and a bridge loan of another 500 million expiring within 12 months. Following the transaction, the leverage ratio is estimated at approximately 2.5 times.
Closing is expected within the third quarter of the year and the agreed Luminex share price represents a premium of approximately 23.1% compared to the unaffected closing price on February 24, 2021 (i.e. the day before the first rumors regarding the possible sale of Luminex) and a premium of approximately 30.6% and approximately 47.5% compared to the weighted average price on volumes for the period of 30 and 90 days respectively prior to 24 February 2021.