NEW YORK (GenomeWeb News) – Gen-Probe has acquired GTI Diagnostics, a privately held diagnostics firm focused on the transplant, blood banking, and specialty coagulation markets, for $53 million in cash.
Wisconsin-based GTI makes human leukocyte antigen antibody detection products that are sold by Gen-Probe under its Lifecodes brand. It also makes serological typing trays, enzyme immunoassays, a range of molecular typing products for donor-recipient matching and patient monitoring, and immunoassay products that measure a patient's immune response to Heparin and Factor VIII therapies.
The GTI business is complementary to Gen-Probe's Tepnel business. Gen-Probe acquired Tepnel in 2009 for around $132 million.
Gen-Probe purchased GTI from private equity firm Riverside Company and individual investors, including GTI's founders and management. It paid for the deal with cash on hand and expects the acquisition to be slightly accretive to its 2011 earnings per share.
"Acquiring GTI enables us to broaden and strengthen our transplant diagnostics business," Carl Hull, Gen-Probe's president and CEO, said in a statement. "In addition, the acquisition gives us access to growing coagulation and transfusion-related blood bank products that we can sell to our current customer base."