Acquisition of Tm Bioscience by Luminex Completed

Pursuant to the terms of the agreement, each Tm common share will be exchanged for 0.06 shares of Luminex common stock. As a result of the completion of this transaction, Tm shareholders will own approximately 9% of Luminex outstanding common stock.

Commenting on the announcement, Patrick J. Balthrop, president and CEO of Luminex, said, We are pleased that the Tm Bioscience transaction has closed. We believe that this transaction has the potential to be a transforming event for Luminex. We are excited to bring the Tm products, capabilities, and resources into our company, which will enhance our ability to be a leader in the growing molecular diagnostics market.

With Tm's cGMP-capable manufacturing, proprietary molecular detection chemistries, assay development expertise, a strong menu of kits and reagents, and the complementary assets and strengths of Luminex's partner-based business model, we intend to work closely with our business partners that have relevant distribution channels or complementary products to leverage this new business to the mutual benefit of Luminex and our partners. We believe that the capabilities of our combined company will allow us to accelerate our growth strategy and build shareholder value, Balthrop concluded.

By acquiring Tm Bioscience, Luminex has significantly increased its critical mass and enhanced its competitive strength, said Greg Hines, president and CEO of Tm Bioscience. The combined companies will realize significant business and technology synergies and Luminex will bring to bear the global reach and scale required to properly exploit the enormous potential of Tm's leading franchise in molecular diagnostics.

Luminex Corporation develops, manufactures, and markets proprietary biological testing technologies with applications throughout the life sciences industry. The company's xMap system is an open-architecture, multi-analyte technology platform that delivers fast, accurate, and cost-effective bioassay results to markets as diverse as clinical diagnostics, pharmaceutical drug discovery, and biomedical research, including the genomics and proteomics research markets.

Tm Bioscience is a diagnostics company developing a suite of DNA-based tests for genetic disorders, drug metabolism (pharmacogenetics), and infectious diseases. The company has developed and commercialized analyte specific reagents and a series of Tag-It tests for a variety of genetic disorders. These tests are based on Tm Bioscience's proprietary Tag-It universal array platform, which utilizes a proprietary universal tag system that allows for easy optimization, product development and expansion. Tm Bioscience's ID-Tag respiratory viral panel (RVP) is a reliable and cost-effective test designed to play a key role in patient management, infection control, and in countering the pandemic threat of respiratory diseases, all with results in less than six hours.


Related Links:
Luminex Corporation
Tm Bioscience