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Solvay Raises Bid for Innogenetics; Gen-Probe Folds

NEW YORK (GenomeWeb News) - Solvay Pharmaceuticals today increased its bid to acquire Belgian molecular diagnostics firm Innogenetics to €6.50 per share from an initial offer that it made in April of €5.75 per share.
Gen-Probe, which made a counteroffer of €6.10 per share in early June, said today that it does not intend to increase its offer.
Solvay said that the transaction value of its offer is €200.7 million ($316 million) for 100 percent of Innogenetics’ outstanding shares. This represents a 74 percent premium to Innogenetics’ closing price on April 24, the day before Solvay made its initial offer.
Innogenetics trades on the Euronext Brussels exchange. The company’s shares were up 5.4 percent to €6.43 in afternoon trading today.
Solvay said it expects the acquisition to close in the second half of 2008, pending approval by Belgium's regulatory authorities and Innogenetics’ board.
In a statement, Hank Nordhoff, Gen-Probe's chairman and CEO, said that the company believes “the disciplined analytical process we used to value Innogenetics resulted in a full and fair offer, and a higher bid therefore does not make financial sense for us."

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