Third Wave Purchased by Hologic
Hologic, Incorporation announced plans to purchase Third Wave Technologies, Incorporated. The estimated sale price is $580 million or $11.25 per share. Investors suggest that the deal will be finalized by the third quarter of this year.
Third Wave both designs and manufactures molecular diagnostic testing reagents. These are used in analysis of both RNA and DNA samples using the company’s Invader chemistry.
Third Wave, similar to Hologic, offers an array of applications specifically suited to the needs of women’s medicine. Two Third Wave tests undergoing evaluation at the FDA currently assess patients for human papilloma virus (HPV). Approval for both is expected at the beginning of 2009.
Benefits of the acquisition include the ability to expand Hologics’s diagnostic portfolio. Executives note that diagnostic tools acquired will complement those already owned by the company. As well, Hologic will be able to utilize its existing marketing network to expand the sales of the Third Wave products.
June 11, 2008 Related topics: Mergers & Acquisitions