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Hologic Completes Acquisition of Gen-Probe

NEW YORK (GenomeWeb News) – Hologic has completed its $3.8 billion acquisition of Gen-Probe following approval from Gen-Probe's shareholders yesterday.

Gen-Probe will now become a wholly owned subsidiary of Hologic. Carl Hull, the chairman and CEO of Gen-Probe, will stay with Hologic for at least 15 months to direct the combined diagnostic operations, as the firms previously announced.

Hologic signed the agreement in April to acquire Gen-Probe for $82.75 per share. The firm reiterated today that it expects the deal to be $.20 accretive to its non-GAAP adjusted earnings per share in fiscal 2013. It also said that the combined firm expects to realize around $75 million in cost synergies within three years following closure of the transaction.

As of today, Gen-Probe's shares have ceased trading on the Nasdaq.