Hologic continues buying binge, acquiring molecular cancer test firm Biotheranostics for $230M
Women’s imaging firm Hologic continued its buying binge on Tuesday with its second major acquisition in the same number of days.
The Marlborough, Massachusetts-based company is purchasing Biotheranostics, a “leader” in molecular tests for breast and metastatic cancers, for $230 million. One day prior, Hologic also revealed its intent to obtain German biopsy site marker manufacturer Somatex for $64 million.
In a Jan. 5 announcement, officials said the addition would dovetail with Hologic’s line of women’s health products that include mammography, radiography and ultrasound systems.
“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,” Kevin Thornal, Hologic’s division president of diagnostics, said in a statement.
Founded in 1996 and based in San Diego, Biotheranostics is a privately held, commercial-stage molecular diagnostics company, with labs licensed or authorized to perform testing in all 50 states. It tallied some $33 million in sales during 2020.
Publicly traded Hologic said it hopes to close the deal in February, subject to antitrust clearance and other conditions. The company’s recent M&A spree has been fueled by sales of its COVID-19 test, which pushed Hologic’s quarterly income to more than $1.3 billion last year, Fierce Biotech reported.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.