Luminex Corporation announced a definitive business merger agreement to acquire privately-held, GenturaDx.
Under the terms of this business merger agreement Luminex will purchase all outstanding shares of GenturaDx for a cash payment of $50 million, subject to working capital reconciliation and potential additional contingent consideration for achievement of future milestones and/or product revenue performance.
Luminex anticipates the business merger acquisition will add approximately $6 million in 2012 operating expenses, excluding acquisition related expenses.
Luminex expects to record charges for cash and non-cash acquisition-related costs in connection with the transaction.
In addition, transaction-related professional fees shall be expensed as incurred, as required by GAAP per ASC 805 Business Combinations.
Due to the timing of this transaction, Luminex anticipates recognizing a portion of acquisition-related costs in the second quarter with the remainder of these non-recurring costs in subsequent periods.
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