Hologic, a global leader in women’s health, announced that it signed a definitive agreement to acquire Endomagnetics (Endomag), a privately held developer of breast cancer surgery technologies, for about $310 million, subject to working capital and other customary closing adjustments.
Based in Cambridge, UK, Endomag develops and sells breast surgery localization and lymphatic tracing technologies. And its products include the Magseed marker for magnetic tissue localization before surgery, the Magtrace lymphatic tracing injectable for breast cancer staging and the Sentimag platform, supporting localization and lymphatic tracing.
Endomag generated about $35 million of revenue in calendar 2023. This acquisition is expected to be slightly dilutive to Hologic’s non-GAAP earnings per share in fiscal 2024 and break even in 2025 and accretive after.
The completion of the acquisition is subject to customary closing conditions, including regulatory approvals.
KEY QUOTES:
“Endomag’s suite of solutions complements our existing breast surgery portfolio and will provide surgeons and radiologists with an expanded range of options to meet the individual needs of more patients undergoing critical breast cancer procedures,” said
“With a global footprint and a similar commitment to women’s health, we are excited about the potential of welcoming the Endomag team and our future opportunities together to increase access to these technologies and better serve patients across the breast health continuum of care.”
- Erik Anderson, President of Breast and Skeletal Health Solutions at Hologic
“We are delighted to attract the strength and focus of Hologic to power the next phase of our growth. Our team is encouraged by our cultural alignment and the potential to strengthen a broader portfolio of solutions to improve women’s health globally.”
- Eric Mayes, CEO of Endomag
