Walter Mencken 11 a.m., July 25
Gen-Probe Agrees to be Bought; Stock Soars
Stock of biotech Gen-Probe is up 18.8% to above $81.68 this morning (April 30) as the company agreed to be purchased by Hologic for $3.7 billion in cash. That comes to $82.75 in market price. Gen-Probe, maker of diagnostic products to detect diseases, had put itself up for auction last year. The company has dominant market shares in several important areas, and has been one of San Diego's most successful biotechs.