Solvay ups bid for Innogenetics

It looks like Solvay, not Gen-Probe, will be buying Belgium's Innogenetics. Back in April Solvay made a $278.2 million (€177.6 million) takeover bid for the company, but San Diego-based Gen-Probe trumped that offer, pledging $334 million for Innogenetics. That meant Innogenetics would get $9.58 per share, but Solvay has now offered $10.22. Gen-Probe won't pursue the deal, saying that a higher offer doesn't make financial sense for the company.

When it first pursued a buyout back in April, Solvay said it was looking to expand the company's diagnostics business. Solvay and Gen-Probe have been R&D partners since 1997; Solvay is the company's second largest shareholder.

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