Gen-Probe Closer To Closing Tepnel Buyout

SAN DIEGO (AP) — Diagnostic test maker Gen-Probe Inc. said Monday nearly all shareholders at Britain's Tepnel Life Sciences PLC voted in favor of a $132.2 million buyout and the deal should close on or about April 8.

In January, Gen-Probe said it was buying the life sciences products company in a move that will help expand its diagnostic testing business. Tepnel makes genetic tests for diseases including cystic fibrosis, Down syndrome and inherited levels of high cholesterol.

Gen-Probe is paying 27.1 pence (38.6 cents) for each Tepnel share, or approximately 92.8 million pounds ($132.2 million) in cash. In January, it said the offer is more than double Tepnel's closing price per share on Jan. 21, the last trading day before Tepnel announced it was involved in acquisition discussions.

Gen-Probe has also said the deal would be neutral to its profit in 2009 and add to profit in 2010. It also expects one-time costs, the size of which was not estimated.

Shares of Gen-Probe rose 30 cents to $45.16 in afternoon trading.