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Gen-Probe Records $2.1M in Costs Related to UK Consolidation

NEW YORK (GenomeWeb News) – Gen-Probe spent about $2.1 million in the first nine months of the year for costs related to the consolidation of its operations in the UK, according to its quarterly filing with the US Securities and Exchange Commission.

The consolidation results from its acquisition of Tepnel Life Sciences for $136.4 million in 2009, which provided the San Diego molecular diagnostics firm with four locations in the UK at the time in Manchester, Cardiff, Livingston, and Abingdon.

The company decided to consolidate the locations to its Manchester and Livingston sites in order to "accommodate the anticipated growth in the business and to optimize expenses," it said in its 10Q filed with the SEC on Thursday, adding that the consolidation is expected to cost about $4.2 million and take two years to complete.

Gen-Probe has recorded approximately $3.2 million in total termination costs and site closure costs related to the consolidation since starting the process in 2010 through Sept. 30, 2011, it said.

On Wednesday, the firm reported a 5 percent uptick in third-quarter revenues but posted a net loss due to a $39.5 million charge related to its $50 million investment in Pacific Biosciences.

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