Hologic to buy privately held cancer-test maker for $230 million

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Medical technology company Hologic Inc. said late Tuesday it has agreed to buy privately held Biotheranostics Inc. for $230 million. Biotheranostics, which generated about $33 million in revenue last year, provides molecular diagnostic tests for breast and metastatic cancers. The deal, expected to close in February, likely will be “slightly dilutive” to Hologic’s non-GAAP earnings per share in fiscal 2021, break-even in 2022, and accretive thereafter, the company said. “Acquiring Biotheranostics enables us to jump-start our entry into a large, fast-growing oncology adjacency that fits perfectly with our broader corporate focus and passion for women’s health,” said Kevin Thornal, Hologic’s president of its diagnostics division. Shares of Hologic, which also makes COVID-19 tests, have gained nearly 50% in the past 12 months, compared with gains around 15% for the S&P 500 index.
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