The acquisition of Mobidiag will strengthen Hologic’s international and diagnostics businesses
US-based medical technology company Hologic has agreed to acquire molecular diagnostics developer Mobidiag for an enterprise value of around $795m.
The total consideration includes a cash payment of nearly $714m for Mobidiag’s equity and net debt of about $81m.
Mobidiag is engaged in developing and marketing molecular diagnostic solutions for acute care conditions, infectious diseases and antibiotic resistance management.
The company offers two automated solutions, dubbed Amplidiag and Novodiag, which deliver rapid turnaround times between 50 minutes and two hours.
Amplidiag is a multiplex qPCR-based product line comprising a large panel of diagnostic tests and the Amplidiag Easy platform for automation of lab workflow.
Last month, the Amplidiag RESP-4 molecular diagnostic test was granted CE-IVD approval for simultaneous detection of COVID-19, Flu A, Flu B and RSV respiratory viruses.
Novodiag is a fully automated molecular diagnostics solution intended for both syndromic and targeted testing of infectious diseases.
It combines real-time PCR and microarray capabilities to provide high-level multiplexing, enabling detection of multiple pathogens in a single sample.
Hologic chairman, president and CEO Steve MacMillan said: “Mobidiag provides an exceptional new growth platform, which will generate long-term value by enabling us to enter the acute care market, which is expected to roughly double in the next five years, with a differentiated, highly competitive solution.”
The transaction is anticipated to close early in the fourth quarter of fiscal 2021, subject to receipt of certain required regulatory approvals and other customary closing conditions.
Hologic is an advanced medical technology company focused on improving women’s health and well-being through early detection and treatment.
The company intends to invest in assay development and is expected to finance the transaction with available cash and borrowing on its existing line of credit.
Mobidiag CEO Tuomas Tenkanen said: “We are very excited to join Hologic’s diagnostic business.
“Hologic’s commercial expertise and scale will drive broader market adoption of our products, and their established US regulatory and market development capabilities will accelerate the introduction of our products and maximize their potential in the United States.”