Hologic to acquire developer of ultrasound imaging device for $350M
Breast imaging vendor Hologic Inc. has reached a deal to acquire the creator of an intrauterine imaging device for $350 million, the two announced Monday.
Redwood City, California-based Gynesonics developed and sells the Sonata System, which is the first FDA-cleared device for diagnosis and treatment of certain symptomatic fibroids. The product combines both real-time ultrasound guidance and targeted radiofrequency ablation into an incision-free procedure proven to reduce symptoms.
Hologic, based in Marlborough, Massachusetts, believes the product complements its other offerings, giving physicians an “expanded range of options” to treat women suffering from heavy periods and fibroids.
“This acquisition furthers our commitment to providing women with minimally invasive treatment options,” Brandon Schnittker, division president of surgical solutions at Hologic, said in an Oct. 14 announcement. “We are enthusiastic about the future as we work to expand access to and drive innovation for treatments that enhance women’s quality of life.”
The transaction is still subject to customary closing conditions, including regulatory approval. It continues a recent buying binge for Hologic, which since 2020 has acquired Endomagnetics for $310 million, Biotheranostics for $230 million, Somatex for $64 million and Acessa Health for $80 million. The latter produces the Acessa Provu system, which competes with the Sonata.
William Blair analysts noted that the Gynesonics move mirrors Hologic’s previous tendency to pursue small tuck-in acquisitions with an eye toward larger future returns, MedTech Dive reported Tuesday.
“The company has been focused on targets that have products early in their growth trajectory and could benefit from Hologic’s infrastructure and come at a price that still allows for other tuck-in acquisitions or share buybacks. Gynesonics appears to fit the bill here,” experts with the investment bank noted.
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.