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Gen-Probe invests $50M in Pacific Biosciences

Thu, 06/17/2010 - 2:45pm
The Associated Press

Diagnostic test maker Gen-Probe Inc. said Thursday it invested $50 million in sequencing company Pacific Biosciences, and will work on products that combine technologies developed by each company.

The companies said they will work together to explore development of testing systems based on Pacific Biosciences' single molecular real time technology and Gen-Probe's diagnostics expertise. They will start by collaborating on an exclusive basis for up to 30 months to develop a preferred business relationship and improve diagnosis of disease.

The companies said they will also be able to buy some of each other's products on preferential terms.

Pacific Biosciences is a privately held company based in Menlo Park, Calif.

Gen-Probe shares rose 7 cents to $46.82 on Thursday.

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