NEW YORK ─ Hologic said on Thursday that it has inked an agreement to acquire Mobidiag, a developer of molecular diagnostic tests and instrumentation, for approximately $795 million.
The deal includes a cash payment of approximately $714 million for Mobidiag’s equity, and net debt of approximately $81 million, Marlborough, Massachusetts-based Hologic said. It added it anticipates financing the deal with cash on hand and borrowing from an existing line of credit.
In 2020, privately held Mobidiag booked approximately $42 million in revenue. The Espoo, Finland-based company develops and markets tests for acute care conditions such as gastrointestinal and respiratory infections, antimicrobial resistance management, and healthcare-associated infections. Its automated Amplidiag and Novodiag instruments provide turnaround times ranging from 50 minutes to two hours.
Novodiag combines real-time PCR and microarrays to provide high-level multiplexing that detects multiple pathogens in a single sample, Hologic said, adding that it intends to invest in assay development for the platform.
Last month, Mobidiag announced it had received the CE mark for its Amplidiag Resp-4 molecular diagnostic test for the detection of SARS-CoV-2, influenza A virus, influenza B virus, and respiratory syncytial virus.
Hologic said it anticipates that the acquisition, which it expects to close early in the fourth quarter of fiscal 2021, would be approximately $0.10 dilutive to its non-GAAP earnings per share in fiscal 2022, slightly dilutive in 2023, and accretive thereafter.
Tuomas Tenkanen, Mobidiag’s CEO, said in a statement that under Hologic, the firm "will continue to be committed to its existing customer base in Europe, including our home markets of Finland, France, Sweden, and UK. … Hologic’s commercial expertise, scale, and investment strength will accelerate the broader market adoption of our products."
The deal with Mobidiag would represent the third acquisition of a molecular diagnostics firm by Hologic in recent months. In March, it acquired Diagenode, a European developer and manufacturer of molecular diagnostic assays and epigenetics products, for approximately $159 million. That quickly followed Hologic's completion of the acquisition of Biotheranostics, a developer of diagnostic, prognostic, and predictive cancer tests, for approximately $230 million.
"One of our key goals is to use our strong cash flow to create a larger, faster-growing company for a post-pandemic world," Steve MacMillan, Hologic's chairman, president, and CEO said in a statement. "Mobidiag provides an exceptional new growth platform, which will generate long-term value by enabling us to enter the acute care market, which is expected to roughly double in the next five years, with a differentiated, highly competitive solution."