April 8, 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., a global leader in women's health, for an enterprise value of approximately $795 million. This includes a cash payment of approximately $714 million for Mobidiag’s equity, and net debt of approximately $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 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.
For more information: www.mobidiag.com