P&M Corporate Finance, LLC (“PMCF”) is pleased to announce that it served as exclusive financial advisor to privately owned Lumigen, Inc. with respect to its sale to Beckman Coulter, Inc. (NYSE:BEC) for $185 million in cash. Based in Southfield, Michigan, Lumigen is a world-leading developer and manufacturer of novel detection chemistries for high-sensitivity testing in clinical diagnostics and life science research. The transaction closed November 8, 2006.
PMCF worked closely with Lumigen’s management to drive an extremely efficient transaction process, securing an attractive valuation of just over five and a half times Lumigen’s 2005 revenues of $33 million. “We are extremely satisfied with PMCF’s performance throughout the process. Their guidance was crucial to the successful completion of the transaction,” said Lumigen’s Chief Financial Officer, Gary Priestap.
Lumigen, Inc. is the world’s largest supplier of chemiluminescent reagents to the clinical immunodiagnostics market. Located in Southfield, Michigan, Lumigen, was founded in 1987 to research, develop, manufacture and market novel chemiluminescent compounds for use in life science research and medical diagnostics. Lumigen’s chemiluminescent reagents are now used worldwide in automated systems for the chemiluminescent detection of alkaline phosphates conjugates and in ultra sensitive assays in the fields of life science research and human identity testing.
About Beckman Coulter
Beckman Coulter, Inc. (NYSE:BEC) is a leading manufacturer of biomedical testing instrument systems, reagents and supplies that simplify and automate laboratory processes. Spanning the biomedical testing continuum — from pioneering medical research and clinical trials to laboratory diagnostics and point-of-care testing — Beckman Coulter’s 200,000 installed systems provide essential biomedical information to enhance health care around the world. The company, based in Fullerton, California, reported 2005 annual sales of $2.44 billion.