Hologic to Acquire Gen-Probe for $3.7 Billion

Hologic says merger will provide them with 'critical mass' in diagnostics business.

Hologic Inc., a manufacturer of medical diagnostics products, will acquire Gen-Probe for $3.7 billion, the two companies announced on April 30.

Gen-Probe is a leader in molecular diagnostics products and services. The combined company is projected to have annual revenues of some $2.4 billion.

The companies' boards unanimously approved a definitive agreement under which Hologic will acquire all of the outstanding shares of Gen-Probe for $82.75 per share in cash. The all-cash transaction is expected to be funded through available cash and additional financing of term loans and high-yield securities. It is expected to be completed in the second half of 2012.

"Through this compelling transaction, we will achieve critical mass in our core diagnostics business and meet the needs of our customers with a broader portfolio of diagnostics technology, automation and connectivity solutions. With the combination of our capabilities, Hologic will operate a diagnostics franchise with the growth potential similar to our breast health franchise,"said Rob Cascella, CEO of Hologic.

Hologic said it intends to market Gen-Probe's products on a global basis, focusing in both developed and emerging markets.

Copyright Agence France-Presse, 2012

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