NEW YORK (360Dx) – Hologic announced after the close of the market on Tuesday that it has completed the sale of its stake in blood screening firm Grifols for $1.85 billion.
At the time the deal was announced in December, Hologic Chairman, President, and CEO Steve MacMillan said that Grifols, while having excellent value for a non-core business, nonetheless, "was a drag on our growth" and operated in a challenging market with ongoing headwinds.
Hologic and Grifols had been collaborating since 1998 in molecular screening through their respective predecessor companies.
"Completing the divestiture of our blood screening business will strengthen our efforts to build a sustainable growth company by accelerating top- and bottom-line growth rates, while significantly increasing financial flexibility," MacMillan said in a statement on Tuesday.
Grifols said in a separate statement that it acquired the Hologic unit involved in the development and manufacture of assays and instruments based on nucleic acid testing technology for transfusion and transplantation screening. The assets acquired comprise a plant in San Diego, development rights, licenses to patents, and access to product manufacturers.
Hologic is scheduled to release its fiscal first quarter financial results on Wednesday. The company said it will discuss the financial effects of the divestiture and provide updated financial guidance during a conference call following the release of its fiscal Q1 2017 results.