NEW YORK (GenomeWeb News) – Gen-Probe said after the close of the market on Tuesday that its board of directors has authorized the repurchase of up to $250 million of the firm’s common stock over the next two years.
 
The San Diego-based molecular diagnostics firm has roughly 54.2 million shares of common stock outstanding and has plenty of cash on hand to fund the buyback program. As of the end of June, Gen-Probe had $499.2 million in cash, cash equivalents, and short-term investments, as well as no debt.
 

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