ERBA Diagnostics Mannheim GmbH, a global in vitro diagnostics company, today announced it has completed the acquisition of Lumora, a provider of state-of-the-art molecular diagnostic products for the clinical and industrial markets. Financial terms were not disclosed.
Lumora acquired by ERBA Diagnostics Mannheim
Cambridge Enterprise helped fund Lumora in 2004 with an initial £150k investment and has since invested a total of £280k in the company.
The acquisition will see ERBA Diagnostics Mannheim add molecular diagnostics testing to its comprehensive suite of clinical testing products. ERBA Mannheim’s global network of direct sales and distribution, through its group companies in America, Europe, Russia, India and its knowledge of the emerging markets, will offer an excellent platform to Lumora to take its products for testing of hospital acquired infections, and HIV, respiratory disease, and other neglected diseases to a much larger market. Along with the specific diagnostic technologies, ERBA Diagnostics Mannheim will have the opportunity to further commercialise Lumora’s technologies such as BART and RapidMags. In addition, Lumora, has a number of ongoing commercial partnerships which will continue following the acquisition.
Laurence Tisi, CEO of Lumora, said: “ERBA Diagnostics Mannheim is an excellent home for Lumora’s technology. The company has a strong global presence and is well established in a number of key market segments. With the acquisition of Lumora, and its novel technology, ERBA Diagnostics Mannheim is now well placed to expand the utility of the technologies globally.
Mr. Suresh Vazirani, Chairman and Managing Director of ERBA Diagnostics Mannheim, said: “The acquisition of Lumora enhances our existing portfolio of instruments, test kits, and reagents for clinical chemistry, microbiology, haematology, diabetes, immunology, urine chemistry, critical care and hemostasis testing. Lumora has a strong portfolio of molecular technologies which will help us develop molecular testing for emerging country specific diseases such as HIV, and Dengue. We look forward to working with the talented team at Lumora to further integrate our businesses for the benefit of our customers.”
Cambridge Enterprise exists to help University of Cambridge inventors, innovators and entrepreneurs make their ideas and concepts more commercially successful for the benefit of society, the UK economy, the inventors and the University.