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Shares in Italy's DiaSorin jump after $1.8 billion Luminex acquisition


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MILAN (Reuters) -Shares in DiaSorin jumped as much as 10% on Monday after the Italian diagnostics group said it was buying U.S. rival Luminex Corp in a $1.8 billion all-cash deal that strengthens its molecular business.
The global coronavirus pandemic has fuelled rapid growth at the company’s molecular division, which accounted for 29% of 2020 sales.
The Luminex acquisition consolidates DiaSorin’s presence in the U.S. market and strengthens its position in molecular diagnostics to help offset an expected drop in demand for COVID-19 molecular tests as the vaccine rollout progresses.
The move follows a similar acquisition last month by Swiss pharma group Roche, which bought GenMark Diagnostics in a $1.8 billion deal to fill a testing portfolio gap. ....

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