Gen-Probe completes acquisition of Tepnel Life Sciences

Gen-Probe has finalised its £92.8m (Euro 103m) purchase of UK-based Tepnel Life Sciences.

Gen-Probe, based in San Diego, California, is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective nucleic acid tests used primarily for the clinical diagnosis of human diseases and for screening donated human blood.

Tepnel is a UK-based international life sciences products and services group with laboratories, manufacturing and operations in the US, UK, France and Belgium with more than 200 employees.

"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," said Carl Hull, Gen-Probe's president and chief operating officer. "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."

The transaction was supported by more than 99% of Tepnel shareholders.

Gen-Probe is financing the acquisition through a revolving credit facility that bears interest at a floating rate 0.6% above the one-month London Interbank Offered Rate (LIBOR).