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Hologic wraps up $3.8 billion Gen-Probe buy

by Brendon Nafziger, DOTmed News Associate Editor | August 01, 2012
Hologic said Wednesday that it wrapped up its nearly $3.8 billion cash purchase of molecular diagnostics company Gen-Probe Inc., in line with the company's earlier projections.

On an earnings call this week, the publicly traded women's health medical device company indicated that it expected the deal, first announced in April, to finish by Aug. 1.

Gen-Probe, based in San Diego, makes tests for STDs and the West Nile Virus, among other conditions.

Gen-Probe's shareholders voted to approve the transaction on Tuesday. Shareholders will receive $82.75 in cash for each share.

Hologic expects the deal to add 20 cents to its adjusted earnings per share for the next fiscal year. The Bedford, Mass.-based company also hopes to realize $75 million in "cost synergies" over the next three years.

This week, while announcing third quarter financial results, Hologic also revealed that it was nearly halfway to its sales goal for its 3-D mammography system, the first of its kind cleared for sale in the United States.

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