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news.Gen-Probe, a developer and marketer of nucleic acid tests, has completed its acquisition of Tepnel Life Sciences, a molecular diagnostics and pharmaceutical services company, for $0.40 per share, or approximately $136.4 million in total.
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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 following confirmation by the High Court of Justice in England and Wales and the registration of the Court documents.
Carl Hull, Gen-Probe’s president and COO, said: “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.
“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.”