Hologic closing $18B merger deal as CEO announces retirement
Hologic has received all necessary regulatory approvals to complete its $18.3 billion sale to two private equity firms, with its CEO also announcing his retirement Monday.
The Marlborough, Massachusetts-based breast imaging vendor expects its sale to TPG and Blackstone to officially close on Tuesday, April 7, according to a U.S. Securities Exchange Commission filing. With it finalized, Hologic will become a privately held company and cease trading on the Nasdaq (HOLX).
Corresponding with the closing, Hologic President and CEO Steve MacMillan is retiring. He first joined the organization in 2013 after previously serving as chief executive of medical equipment manufacturer Stryker. During his 12 years at the helm, Hologic has seen its revenue increase 65% while earnings per share leapt 184%, the company said Monday.
“Hologic’s board of directors, and all the company’s stakeholders, owe a debt of gratitude to Steve, one of the most respected leaders in the medical technology industry,” Amy Wendell, Hologic’s lead independent director, said in a statement April 6. “He forged a dramatic turnaround shortly after joining the company, led us through years of consistent growth, drove our unprecedented response to the COVID pandemic, and is guiding us through a successful go-private transaction.”
Hologic said it plans to announce its next CEO after the sale closes on Tuesday.
MacMillan, 62, first joined the company as CEO in December 2013 and later was elected board chairman in 2015. Since then, Hologic also has seen its stock price rise 241% while its workforce increased by over 1,500 individuals. MacMillan also discussed his retirement in a LinkedIn post Monday. He touted accomplishments including turning a “strong company into a global leader in women’s health,” delivering innovation, driving growth and making a “meaningful difference for millions of patients worldwide.”
“Leading Hologic has been the greatest honor and privilege of my career,” MacMillan said in a statement. “I’m immensely grateful to the customers and patients who trusted us, the board and investors who supported us, and especially the employees who made all our accomplishments possible. I know they will make even greater contributions to women’s health as a private firm owned by Blackstone and TPG.”
Hologic first announced the merger deal in October and cleared other key regulatory milestones earlier this year. Certain stockholders previously sued to block the transaction but still voted overwhelmingly in favor of the deal in February.
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.