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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.

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Visduh April 30, 2012 @ 7:43 a.m.

Here in SD, the usual result of these buyouts by larger companies from elsewhere is that the jobs go elsewhere, and fairly rapidly. It's been that way for forty years or more, with all sorts of bio-tech and med-tech startups being swallowed up, their headquarters absorbed into the acquirer's hq, and the production jobs moved away (often overseas.) Another local success story bites the dust. Such is the San Diego story.

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Don Bauder April 30, 2012 @ 8:37 a.m.

You are right, Visduh. Many of these sales of local companies to out-of-town giants resulted in a drain on San Diego employment as jobs departed. An exception of sorts was Hybritech, the first biotech. It was sold for far too much money to an out-of-town pharmaceuticals firm. The Hybritech major shareholders, suddenly very rich, became venture capitalists, funding startup biotechs in town. Best, Don Bauder

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