Gen-Probe to Acquire Tepnel Life Sciences, Fast-Growing European Molecular Diagnostics Company, for 92.8 Million Pounds Sterling ($132.2 Millio...( - Tepnel Brings Gen-Probe Current and...),Health

- Tepnel Brings Gen-Probe Current and Future Growth Opportunities in Transplant Diagnostics and Genetic Testing, Accelerates European Expansion Strategy -

SAN DIEGO, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO), a pioneer and leader in nucleic acid diagnostics for human disease, announced today that it has offered to acquire all the outstanding and to-be-issued shares of Tepnel Life Sciences, PLC (AIM: TED), a rapidly growing molecular diagnostics company based in the United Kingdom, for 27.1 pence ($0.386)(1) per share in cash, or approximately 92.8 million Pounds ($132.2 million) in total.

Both companies' boards of directors have unanimously approved the transaction, full details of which are contained in an announcement made today in the United Kingdom under Rule 2.5 of the U.K. Takeover Code.

"We believe our acquisition of Tepnel will provide immediate access to attractive growth opportunities in transplant diagnostics, genetic testing and pharmaceutical services, as well as accelerate our ongoing strategic efforts to strengthen our marketing and sales, distribution and manufacturing capabilities in the rapidly growing European molecular diagnostics market," said Hank Nordhoff, Gen-Probe's chairman and chief executive officer. "We look forward to working with the employees and customers of Tepnel to broaden the use of their innovative technologies and amplify their many successes to date."

Tepnel's board of directors intends to recommend that its shareholders approve the transaction, which is expected to close in the second quarter of 2009. Already, directors and institutional investors holding approximately 40% of Tepnel's outstanding shares have pledged to vote in favor of the transaction, which will be structured as a "scheme of arrangement" under English
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