Hologic to buy Gen-Probe for $3.7B

April 30, 2012 by MassDevice staff

Hologic agrees to pay $82.75 per share for molecular diagnostics firm Gen-Probe in a deal worth $3.7 billion.

Hologic
Gen-Probe

Hologic (NSDQ:HOLX) agreed to pay about $3.7 billion for molecular diagnostics maker Gen-Probe (NSDQ:GPRO) in a cash-and-debt deal expected to close during the 2nd half of the year.

Hologic said it expects the deal to add 20¢ to its adjusted earnings per share in the first year following the deal's completion. The deal will drive about $75 million in cost savings as the companies integrate in the 3 years after the merger.

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"In addition, the combined company expects to have strong free cash flows, which will be used primarily to reduce debt with the expectation to return to pre-transaction leverage levels within 3 years," according to a press release.

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