In a massive cash deal announced today, imaging device maker Hologic will acquire the assets of molecular diagnostics manufacturer Gen-Probe for about $3.7 billion. The deal is expected to close by year’s end 2012.
The combined company will operate in 150 countries. From a technological perspective, the deal centers on the Gen-Probe TIGRIS and PANTHER instruments, APTIMA-branded assays, which will supplement the Hologic portfolio of diagnostic imaging equipment for women’s health.
Within three years, Hologic believes operations at the two companies could be consolidated to save around $75 million in costs while generating enough liquidity to lower their debts to pre-merger levels.