Gen-Probe (GPRO) Seeking Buyer, Shares Surge on News

Shares of Gen-Probe Inc. (Nasdaq: GPRO) surged earlier in the day to a 52-week high of $84.17, following reports that the company has tapped Morgan Stanley to seek a buyer for them. The stock is currently trading 13.8 percent higher to $79.83.

According to Bloomberg, some possible buyers of the company include Novartis AG (NYSE: NVS) Thermo Fisher Scientific Inc. (NYSE: TMO), Danaher Corp. (NYSE: DHR), and Life Technologies Corp (Nasdaq: LIFE). Bloomberg comments that initial bids for the company are due in the next couple of weeks.

Gen-Probe currently carries a market cap of about $3.9 billion. The company markets a portfolio of products to detect infectious microorganisms.

Volatility in Gen-Probe stock has caused it to be halted twice already today, both coming within minutes of each other. The stock has risen 49 percent over the past year. The company is expected to release its quarterly earnings following the close of the market today.

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