Transaction Will Accelerate Global Growth of Mobidiag’s Differentiated Molecular Platform, which Offers Ease of Use, Multiplex Capability and Rapid Turnaround Time —
ESPOO, Finland, April 08, 2021 — Mobidiag Oy, a privately held, commercial-stage Finnish-French developer of innovative molecular diagnostic tests and instrumentation, announced today that it has signed a definitive agreement to be acquired by Hologic, Inc. (Nasdaq: HOLX), a global leader in women’s health, for an enterprise value of approximately €668 million ($795 million). This includes a cash payment of approximately €600 million ($714 million) for Mobidiag’s equity, and net debt of approximately €68 million ($81 million).
Mobidiag develops and markets PCR (polymerase chain reaction)-based tests for acute care conditions such as gastrointestinal and respiratory infections, antimicrobial resistance management, and healthcare associated infections. The Amplidiag and Novodiag platforms are automated instruments that deliver rapid turnaround times ranging from 50 minutes to two hours. The Novodiag platform combines real-time PCR and microarray capabilities to provide high-level multiplexing, allowing clinicians to identify which organism is responsible for an infection quickly, accurately and efficiently.
“We are very excited to join Hologic’s diagnostic business,” said Tuomas Tenkanen, Mobidiag’s Chief Executive Officer. “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.”
“Acquiring Mobidiag will further strengthen our international diagnostics businesses by providing a European R&D and manufacturing center of excellence, enabling us to expand into the large, fast-growing acute care adjacency with a near-patient testing solution that offers ease of use, multiplex capability and rapid turnaround time,” said Jan Verstreken, Group President, International at Hologic. “We believe that Mobidiag has a highly complementary product offering and has developed a differentiated platform that addresses many of the historical challenges of multiplexed point-of-care molecular testing.”
“One of our key goals is to use our strong cash flow to create a larger, faster growing company for a post-pandemic world,” said Steve MacMillan, Hologic’s chairman, president and chief executive officer. “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.”
Mobidiag generated approximately $42 million (€35 million) of revenue in calendar 2020. Hologic intends to invest in assay development to drive growth of the Novodiag platform. Hologic expects to finance the transaction with cash on hand and borrowing on its existing line of credit.
The acquisition is expected to close early in the fourth quarter of fiscal 2021, subject to receipt of certain required regulatory approvals and other customary closing conditions, including FDI approval in Finland and France.
J.P. Morgan AG acted as sole financial advisor and Roschier Attorneys acted as legal advisor to Mobidiag.
Mobidiag is a commercial stage, fast-growing Finnish-French biotechnology company that develops and markets innovative molecular diagnostic solutions for gastrointestinal infections, antimicrobial resistance management, healthcare associated infections (HAIs), respiratory infections and sepsis. Based on well-established qPCR and microarray technologies, Mobidiag offers a broad range of tests and automated platforms. These include a comprehensive range of fast, reliable and cost-effective molecular diagnostic solutions for the detection of infectious diseases adapted to laboratories of all sizes. They allow detection of most clinically relevant bacteria, parasites, viruses and markers for antibiotic resistance. For more information on Mobidiag, visit www.mobidiag.com
About Hologic, Inc.
Hologic, Inc. is an innovative medical technology company primarily focused on improving women’s health and well-being through early detection and treatment. For more information on Hologic, visit www.hologic.com.
Hologic and The Science of Sure are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.
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Read full Mobidiag press release.
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