It was revealed on Monday that Hologic (NASDAQ: HOLX) is set to purchase Gen-Probe (NASDAQ: GPRO) for approximately $3.72 billion. This is an all-cash deal that will see the Bedford, Mass.-based company pay $82.75 for each GPRO share. The move will see HOLX seek to broaden its diagnostics business.

"This transaction establishes Hologic as a premier company in [sexually transmitted disease] diagnostics and advances our core focus on women's health," said Rob Cascella, Hologic's CEO, adding that it will help the company "capitalize on the fast-growing molecular diagnostics market with an established global infrastructure."