(Reuters) - Diagnostic test maker Gen-Probe Inc (GPRO.O) hired Morgan Stanley (MS.N) to seek a buyer for the company, sources familiar with the situation said on Thursday.
Gen-Probe shares rose 13.5 percent to close at $79.61 after news of the potential sale was first reported by Bloomberg. The San Diego-based maker of blood-screening and sexually transmitted disease tests also reported a flat profit for the first quarter.
“Gen-Probe has been a potential acquisition target for the past five years in our view, given its leading diagnostic franchises in infectious disease testing, blood screening and well established track record,” said Mizuho Securities analyst Peter Lawson.
