Hologic finalizes $350M acquisition of ultrasound imaging device developer
Breast imaging vendor Hologic Inc. has finalized its $350 million acquisition of a rival company that has created a novel ultrasound imaging device, the two announced Monday.
Redwood City, California-based Gynesonics developed and sells the Sonata System, the first FDA-cleared product for diagnosis and treatment of certain symptomatic fibroids. The device combines both real-time imaging 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. The company first announced the deal in October, with the transaction now complete.
“As we embark on this new phase with Hologic, we are excited to see the continued success of the Sonata System, which has already made a difference in the lives of thousands of women,” Skip Baldino, president and CEO of Gynesonics, said in a statement shared Jan. 6.
The purchase continues a recent buying binge for Hologic. Since 2020, it has acquired Endomagnetics for $310 million, Biotheranostics ($230 million), Somatex ($64 million) and Acessa Health ($80 million). The latter produces the Acessa Provu system, a rival product of the Sonata.
William Blair analysts noted in October that the Gynesonics move mirrors Hologic’s previous tendency to pursue small tuck-in acquisitions with an eye toward larger future returns.
“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 said last year.
Hologic on Monday also said it plans to announce its latest quarterly earnings results Feb. 5.
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.