NEW YORK (GenomeWeb News) – Hologic announced prior to market opening today that it will acquire Gen-Probe for approximately $3.7 billion, creating what company officials called the largest diagnostics company focused on women's health.

Terms of the all-cash transaction call for Hologic to acquire all outstanding shares of Gen-Probe for $82.75 per share, funded through available cash and additional financing.

Hologic said that it expects the deal to close in the second half of 2012, subject to approval by GenProbe's shareholders and other customary closing conditions.

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