Hologic to acquire molecular diagnostic provider Mobidiag for €668m

Hologic, a US medical device company, has agreed to acquire Finland-based molecular diagnostic provider Mobidiag for about €668 million.

The consideration includes the assumption of Mobidiag’s net debt of around €68 million.

Mobidiag is engaged in developing and commercializing polymerase chain reaction (PCR)-based tests for acute care conditions like gastrointestinal and respiratory infections, antimicrobial resistance management, and infections associated with healthcare.

The molecular diagnostic provider has developed Amplidiag and Novodiag platforms, which are automated instruments for providing quick turnaround times – that range from 50 minutes to two hours.

By combining real-time PCR and microarray capabilities, the Novodiag platform is said to give high-level multiplexing to help clinicians in identifying which organism is responsible for an infection in a quick, accurate, and efficient manner.

Hologic to acquire molecular diagnostic provider Mobidiag for €668m. Photo courtesy of Ixfd64/Wikipedia.org.

Commenting on Hologic acquisition of Mobidiag, Tuomas Tenkanen – Mobidiag CEO said: “Under the Hologic umbrella our business will continue to be committed to its existing customer base in Europe, including our home markets of Finland, France, Sweden and UK, however, Hologic’s commercial expertise, scale and investment strength, will accelerate the broader market adoption of our products.

“In addition, Hologic’s established U.S. regulatory and market development capabilities will rapidly facilitate the introduction of our products and maximize their potential in the United States.”

For the calendar year 2020, Mobidiag registered nearly €35 million of revenue.

Hologic said that it plans to invest in assay development to bring in growth of the Novodiag platform.

Steve MacMillan – Hologic chairman, president, and CEO, commenting on Hologic acquisition of Mobidiag, said: “One of our key goals is to use our strong cash flow to create a larger, faster growing company for a post-pandemic world.

“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.”

The closing of Hologic acquisition of Mobidiag, is subject to regulatory approvals and other customary closing conditions, and is expected to occur early in the fourth quarter of fiscal 2021.

Last month, the US medical device company acquired Diagenode, a European molecular diagnostic company, for about $159 million.