The acquisition of Biotheranostics will allow Hologic to leverage commercial capabilities and expertise in molecular diagnostics automation
Hologic, a US-based medical technology company, has agreed to acquire Biotheranostics, a commercial-stage molecular diagnostic company, for about $230m.
Biotheranostics is engaged in developing and providing diagnostic, prognostic and predictive tests that support physicians to treat cancer patients.
The company offers tests for breast and metastatic cancers, which are polymerase chain reaction (PCR)-based gene expression tests, validated in large-scale oncology studies.
Biotheranostics president and chief executive officer Don Hardison said: “Hologic’s leadership in women’s health and molecular automation will accelerate access for both of our novel, proprietary tests, translating into better clinical outcomes for cancer patients.
“For Breast Cancer Index (BCI), our long-held belief is that all women who are being treated with endocrine therapy for their breast cancer deserve to know what is right for them. Being part of Hologic only helps bring that hope closer to reality.
“In addition, patients facing the challenges of metastatic cancer will have broader access to our CancerTYPE ID offering that can aid in the diagnosis of the tumour type and subtypes representing 95% of all solid tumours.”
The medical technology firm said that the acquisition enabled it to deploy its molecular diagnostics capabilities, achieve growth and returns on investment, and complements its breast health offerings.
The transaction is expected to be completed in February 2021, subject to antitrust clearance and certain other customary closing conditions.
Hologic diagnostics division president Kevin Thornal said: “Acquiring Biotheranostics enables us to jump-start our entry into a large, fast-growing oncology adjacency that fits perfectly with our broader corporate focus and passion for women’s health.
“Together with the Biotheranostics team, we can leverage our commercial capabilities and expertise in molecular diagnostics automation to accelerate growth, help physicians make more informed decisions, and deliver more personalized treatment and better clinical outcomes for more women.
“In addition, Biotheranostics’ CLIA (Clinical Laboratory Improvement Amendments) lab provides us new capabilities to help accelerate market development for innovative new tests.”