Leading the Way in Life Science Technologies

GEN Exclusives

More »

GEN News Highlights

More »
Jul 9, 2008

Solvay Triumphs Over Gen-Probe in Race to Acquire Innogenetics with $316M Offer

  • The bidding battle between Solvay Pharmaceuticals and Gen-Probe over Innogenetics has come to an end, with Solvay the winner. Solvay’s latest offer values molecular diagnostic firm Innogenetics at €200.7 million, or $316.04 million.

    Solvay upped its conditional tender offer from €5.75 per share to €6.50 per share, and Gen-Probe has decided to back out. Even though Solvay’s initial acquisition price was met by a counteroffer from Gen-Probe of €6.10 per share, Gen-Probe says that it will not increase its proposal this time around.

    “We believe the disciplined analytical process we used to value Innogenetics resulted in a full and fair offer, and a higher bid therefore does not make financial sense for us,” explains Hank Nordhoff, Gen-Probe's chairman and CEO. “Our existing clinical diagnostics and blood screening businesses remain healthy year-to-date, and we continue to focus on growing them in the U.S. and internationally.”

    The $6.50 per share represents a 74% premium to Innogenetics closing price on April 24, the day before Solvays made the initial offer. Solvay expects to close the transaction in the second half of this year.



Be sure to take the GEN Poll

CRISPR Patent Controversy

Do you think recently released email from a former Broad Institute scientist to Jennifer Doudna will expedite a final legal decision on who owns the CRISPR patent?

More »