- Transaction Brings Growth Opportunities in Transplant Diagnostics, Genetic Testing and Pharmaceutical Services, Accelerates European Expansion Strategy -
SAN DIEGO, April 8 /PRNewswire-FirstCall/ -- Gen-Probe (Nasdaq: GPRO) announced today that the Company has completed its acquisition of Tepnel Life Sciences, plc, a rapidly growing molecular diagnostics and pharmaceutical services company based in the United Kingdom, for 27.1 pence ($0.40)(1) per share, or approximately 92.8 million pounds sterling ($136.4 million) in total.
"We believe this acquisition brings Gen-Probe new growth opportunities in transplant diagnostics, genetic testing and pharmaceutical services, and also accelerates our European expansion strategy," said Carl Hull, Gen-Probe's president and chief operating officer. "We are very pleased to close the transaction and are ready to work with our new employees and customers to enhance their already strong molecular diagnostics and pharmaceutical services businesses."
The transaction, which was structured as a "scheme of arrangement" under English law, was supported by more than 99% of Tepnel shareholders. The scheme became effective today following confirmation by the High Court of Justice in England and Wales and the registration of the Court documents. In addition, Tepnel's listing on the Alternative Investment Market (AIM) operated by the London Stock Exchange was canceled today. Cash consideration will be sent to Tepnel's shareholders within 14 days.
As previously disclosed, Gen-Probe is financing the acquisition via a revolving credit facility that bears interest at a floating rate 0.6 percent above the one-month London Interbank Offered Rate (LIBOR), which was recently 0.5 percent.
On a non-GAAP basis, Gen-Probe anticipates the transaction will be neutra
|SOURCE Gen-Probe Incorporated|
Copyright©2009 PR Newswire.
All rights reserved