The company said that in addition to the purchased shares, it sent notices of guaranteed deliver with respect to 953,173 shares, and that the merger was completed “without a vote of Nanosphere’s stockholders.”
“We are pleased to announce the completion of this transaction and welcome the Nanosphere team to the Luminex family. This transaction creates an exciting opportunity to enhance our 4 pillars of growth strategy by providing our customers with a wider array of products, increased support and services, and greater depth in both the molecular microbiology and diagnostic markets. Consistent with the prior full year revenue estimate of between $28 to $30 million dollars, we expect Nanosphere to contribute between $13 million and $16 million to our consolidated revenue in 2016, and we expect its revenue to continue to grow at an annualized rate well into the double digits. We continue to enjoy strong momentum in our base business, and look forward to updating our formal 2016 revenue guidance on our second quarter earnings call,” CEO Homi Shamir said in a press release.
In May, Luminex said a 3rd-party offer for Nanosphere prompted it to raise its own $83 million bid for the company and its Verigene molecular diagnostics technology.
A week earlier, Luminex offered $1.35 per share for Nanosphere and said it would also pay off some $25 million of Nanosphere’s debt.
The company said a $1.50-per-share bid from an unnamed 3rd party moved it to up the ante on its own offer to $1.70 per share, taking the total deal value to $102 million.
Nanosphere is forecast to post 2016 sales of $28 million to $30 million this year. The company posted sales of $21 million last year and reported that 1st-quarter losses fell -11.3% to -$6.7 million, or -55¢ per share, on sales growth of 42.7% to $6.6 million.
The post Luminex closes Nanosphere buy appeared first on MassDevice.
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