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Economy

San Diego Based Gen-Probe sells for $3.7 Billion

Meg Whitman makes a stop at San Diego's Gen-Probe during her unsuccessful gubernatorial campaign
megwhitman2010
Meg Whitman makes a stop at San Diego's Gen-Probe during her unsuccessful gubernatorial campaign
San Diego Based Gen-Probe sells for $3.7 Billion
A Massachusetts company is buying San Diego based Gen-Probe for $3.7 billion. The local company is expected to maintain a significant presence here.

Gen-Probe has 1400 employees in San Diego and company officials say they expect no major changes once the company's sale is finalized later this year. Ownership of the company will change hands, but the name of the firm will remain.

"Gen-Probe will become a wholly owned subsidiary of Hologic and effectively become the cornerstone of Hologic's diagnostic business which comprises about half of their total business once the two companies are combined," according to Al Kildane, Gen-Probe spokesman.

Gen-Probe is known for its diagnostic testing for sexually transmitted diseases and some other illnesses. the sale will enhance the Gen-Probe's reach in Europe and Asia, said Kildane.