Hologic to buy Gen-Probe for about $3.72B

BEDFORD, Mass. — Medical device maker Hologic says it has agreed to buy diagnostic test maker Gen-Probe for about $3.72 billion.

Bedford, Mass.-based Hologic Inc. will pay $82.75 in cash for each Gen-Probe share.

The price represents a 20 percent premium over San Diego-based Gen-Probe’s closing stock price on Friday. Based on the company’s about 45 million outstanding shares, the deal is worth about $3.72 billion.

The deal has been approved by the boards of both companies. It is expected to close in the second half of this year.

Hologic says it expects the addition of Gen-Probe to boost its adjusted earnings by about 20 cents in the first fiscal year after the deal closes and significantly more after that.