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Gen-Probe to Acquire Tepnel Life Sciences, Fast-Growing European Molecular Diagnostics Company, for 92.8 Million Pounds Sterling ($132.2 Million) in Cash
Date:1/30/2009

rapidly emerging market for companion diagnostics.

Financial Detail

Gen-Probe's offer represents a 126% premium to Tepnel's closing price per share on January 21, the last trading day before Tepnel announced it was involved in acquisition discussions.

Net of cash and debt on Tepnel's balance sheet and cash expected to be received from the exercise of warrants and options, the enterprise value of Gen-Probe's offer is approximately 83.2 million Pounds ($118.5 million). Gen-Probe expects to complete the transaction with cash currently on its balance sheet.

Gen-Probe expects to record charges for non-recurring cash and non-cash acquisition-related costs following the close of the transaction. The magnitude of these charges will not be determined, under the rules of purchase accounting, until an independent, third party valuation has been completed to allocate the excess of the purchase price over the assets and liabilities acquired. In addition, transaction-related professional fees will be expensed as incurred, under the new rules of SFAS 141R.

On a non-GAAP basis, Gen-Probe expects the proposed acquisition to be neutral to the Company's 2009 EPS, and accretive to its 2010 EPS. These forecasts do not include expected revenue or expense synergies.

Bank of America Merrill Lynch is serving as financial adviser to Gen-Probe on this transaction, and Linklaters and Cooley Godward Kronish are serving as legal counsel. Seymour Pierce Limited is serving as financial adviser to Tepnel, and Halliwells is serving as legal counsel.

Webcast Conference Call

Gen-Probe will discuss the proposed acquisition with analysts and investors on a conference call at 8:30 a.m. Eastern Time today. A live webcast of the call can be accessed at http://www.gen-probe.com. The Co
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SOURCE Gen-Probe Incorporated
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