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.

- check out the report

Suggested Articles

The money will support work on a biologic drug cocktail that Lumen thinks can be a scalable, inexpensive fix for gastrointestinal symptoms.

The readouts link the oral oxidative phosphorylation blocker imeglimin to near- and long-term improvements when given as a monotherapy and in combos.

Scientists at the University of Toronto, in collaboration with Agios, identified 182 genes that allow cancer cells to evade the immune system.