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Gen-Probe Acquires GTI Diagnostics for $53 Million in Cash

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Gen-Probe (Nasdaq: GPRO), a maker of disease diagnosis products based in San Diego, announced today that it has acquired privately-held GTI Diagnostics for $53 million in cash.

GTI produces a number of immune system-related testing products, including ones that measure a patient's immune response to therapies for bleeding disorders.  Wisconsin-based GTI also produces the white blood cell detection products sold by Gen-Probe under the Lifecodes brand. 

"Acquiring GTI enables us to broaden and strengthen our transplant diagnostics business," said Carl Hull, Gen-Probe's CEO.

"In addition, the acquisition gives us access to growing coagulation and transfusion-related blood bank products that we can sell to our current customer base."

Excluding acquisition charges, which have not yet been estimated, Gen-Probe said it expects the deal to be slightly accretive to its 2011 earnings per share. 

The deal was financed by the cash Gen-Probe had on hand. As of September 30, the company had about $149 million of cash. 

Gen-Probe’s shares have edged up by 0.5% to trade at $57.86 as of 11:33 am EST.

Quick facts: Gen-Probe

Price: 3.61 USD

NASDAQ:GPRO
Market: NASDAQ
Market Cap: $556.37 m
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