Hologic (Nasdaq: HOLX), a Marlborough, MA-based company which specialises in women’s health, is to acquire Endomagnetics Ltd, a Cambridge, UK-based developer of breast cancer surgery technologies, for approximately $310M.
The amount is subject to working capital and other customary closing adjustments. The completion of the acquisition is subject to customary closing conditions, including regulatory approvals.
Led by CEO Eric Mayes, Endomag develops and sells breast surgery localization and lymphatic tracing technologies. Its products include the Magseed® marker for magnetic tissue localization before surgery, the Magtrace® lymphatic tracing injectable for breast cancer staging and the Sentimag® platform, which supports both localization and lymphatic tracing. The company generated approximately $35M of revenue in calendar 2023.
Hologic is a global medical technology innovator focused on improving the health and well-being of women through early detection and treatment. Its advancements include invention of a commercial 3D mammography system to find breast cancer earlier, leadership in testing for cervical cancer, sexually transmitted infections and respiratory illnesses, and minimally invasive surgical technologies for uterine fibroids and abnormal uterine bleeding. The company also champions women through the Hologic Global Women’s Health Index, which provides a science-backed data framework for improving women’s well-being.
The acquisition is expected to be slightly dilutive to Hologic’s non-GAAP earnings per share in fiscal 2024, break even in 2025 and accretive thereafter.
FinSMEs
30/04/2024