Luminex Corporation Announces Finalization of the Purchase Price Allocation Related to Tm Bioscience Corporation Acquisition
Published: Nov 12, 2007
AUSTIN, Texas--(BUSINESS WIRE)--Luminex Corporation (NASDAQ:LMNX) today announced that it had completed its allocation of the purchase price related to the acquisition of Tm Bioscience completed on March 1, 2007. As previously disclosed, Luminex had completed a preliminary valuation of acquired intangible assets and recorded $30.8 million of goodwill related to the Tm Bioscience acquisition. As of this week, Luminex finalized its valuation analysis, and consequently, the goodwill balance has been increased to $39.6 million and a total of $26.2 million has been allocated to identified acquired intangible assets of which $7.4 million represents in-process research and development. The final valuation analysis identified a decrease in the fair value of the long-term debt of $1.1 million. Accordingly, financial information for the third quarter and nine months ended September 30, 2007, previously released on October 24, 2007, has been revised to reflect the purchase price adjustments and are included in this press release and supercede the financial information previously released and filed with a current report on Form 8-K.