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Novartis drops pursuit of Gen-Probe - WSJ
July 19, 2011 / 7:21 PM / 6 years ago

Novartis drops pursuit of Gen-Probe - WSJ

CHICAGO, July 19 (Reuters) - Swiss drugmaker Novartis AG NOVN.VX is no longer actively pursuing a purchase of diagnostic test maker Gen-Probe Inc (GPRO.O), the Wall Street Journal said, citing people familiar with the matter.

Shares of Gen-Probe, a maker of tests for infectious diseases, fell $2.51, or 3.92 percent, to $61.48 after the report.

Novartis was thought to be the sole remaining suitor for Gen-Probe after other potential buyers including Life Technologies Corp(LIFE.O) and Thermo Fisher Scientific Inc (TMO.N) ended their pursuit last month, the sources told the Journal in a story on its website.

Another bidder could still emerge because the sale process is ongoing, other people familiar with the matter told the Journal.

A Novartis spokeswoman declined to comment on the report.

A spokesman for San Diego-based Gen-Probe, a maker of tests for infectious diseases, also declined to comment.

Reporting by Susan Kelly, editing by Bernard Orr

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