Hologic announces Gen-Probe takeover

Hologic has announced the acquisition of molecular diagnostics business Gen-Probe for approximately $3.7 billion (2.29 billion pounds).

The deal will be concluded in the second quarter of 2012 and is expected to contribute to accelerating Hologic's top and bottom-line growth rates, with around $75 million in cost synergies to be realised within three years.

Gen-Probe offers a product portfolio that includes the Tigris and Panther automation platforms and a menu of sexually transmitted disease tests, including the Aptima and Procleix brands.

The transaction is expected to unlock significant cross-selling opportunities, while allowing Hologic to benefit from complementary research and development and operational capabilities, plus an expanded global sales force.

Rob Cascella, president and chief executive officer of Hologic, said: "With the combination of our capabilities, Hologic will operate a diagnostics franchise with a growth potential similar to our breast health franchise."

This comes in the same week that the company also announced its second-quarter fiscal results, reporting year-on-year growth of 7.4 percent to reach a total of $471.2 million.