NEW YORK (TheStreet) -- Nanosphere (NSPH) stock is advancing 69.23% to $1.32 on heavy trading volume on Monday morning after the molecular diagnostic tests maker agreed to be acquired by Luminex (LMNX) in a deal valued at $58 million.
Shares of Luminex, a biological testing technology company, are up 1.27% to $19.88 this morning.
Luminex agreed to pay $1.35 per share in cash for each Nanosphere share and to settle Nanosphere's debt of $25 million.
"The acquisition of Nanosphere will significantly enhance Luminex's growth trajectory by expanding our product portfolio, delivering access to new markets and strengthening our pipeline of future products to make us the partner of choice for all molecular labs," Luminex CEO Homi Shamir said in a statement.
The acquisition, which is expected to close by July 1, will be accretive to Luminex's adjusted earnings by the end of 2017.
So far today, 11.15 million shares of Nanosphere have exchanged hands, significantly higher than its average daily volume of 86,183 shares.
Separately, Nanosphere has a "sell" rating and a letter grade of D- at TheStreet Ratings because of the company's disappointing return on equity and generally disappointing stock performance.
You can view the full analysis from the report here: NSPH
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.