08 Oct Innovation leads the way for Prodesse's big payday
Posted at 10:31h in Biotech, Digest 0 Comments
Biotech firm’s investors listened to customers, changed the business and increased the value.
Shortly after Tom Shannon invested in and began running Prodesse Inc., he realized no one wanted to buy the Waukesha biotech company’s labor-intensive flu tests.
Instead of abandoning Prodesse, Shannon decided to take it in a new direction.
The fruits of that decision were apparent this week when San-Diego-based Gen-Probe Inc. said it would acquire privately held Prodesse for $60 million. That price could rise as high as $85 million if certain milestones are met in 2010 and 2011.
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