Hologic Explained

Hologic, Inc.
Type:Public
Founded:[1]
Industry:Medical Technology
Num Employees:6,944
Num Employees Year:2022
Footnotes:[2]

Hologic, Inc. is an American medical technology company primarily focused on women's health; it sells medical devices for diagnostics, surgery, and medical imaging.

History

In late November 2013, activist investor Carl Icahn disclosed a 12.5% stake in the company. Subsequently, the company adopted a poison pill to prevent a hostile takeover. In negotiations with the company's board of directors, two additional directors backed by Icahn were added to the board, each managing directors of Icahn holding companies.[3] Icahn considered his investment and intervention into Hologic to have been a success, with his nominees to the board of directors resigning on March 3, 2016[4] and exiting his position by May 16, 2016.[5]

In 2017, Hologic acquired Westford, Massachusetts-based aesthetic medicine company Cynosure for $1.65 billion.[6]

On November 20, 2019, Hologic announced the divestment of Cynosure to Clayton, Dubilier & Rice for $205 million;[7] this was completed on December 30, 2019.[8] Cynosure had ~825 employees at the time of the divestiture.[9] [6]

In March 2020, Hologic received emergency use authorization from the FDA for a test for SARS-CoV-2 to help mitigate the COVID-19 pandemic.[10] In May 2020, Hologic received a second emergency use authorization from the FDA for 2019-nCov to increase potential throughput of testing.[11]

In June 2020, Hologic collaborated with Grifols, a global producer of plasma-driven medicines, to increase Spain's testing capacity for COVID-19.[12]

In November 2020, Hologic won a $119 million contract from the U.S. Department of Health and Human Services and the Department of Defense to help expand production facilities in three states, Wisconsin, Maine and California, with the goal to provide 13 million COVID tests per month by January 2022.[13] [14]

In January 2021, the company announced it would acquire Biotheranostics and its breast and metastatic cancer test portfolio for $230 million[15] and SOMATEX for $64 Million.[16]

In April 2021, the company announced it will acquire Mobidiag, a molecular diagnostics firm with multiplex technology, for $795 million.[17] The acquisition completed in June 2021.[18]

In March 2022, Hologic became the new title sponsor of the WTA Tour in women's professional tennis. As part of the sponsorship, the company was also named the "official health partner" of the Women's Tennis Association.[19]

In April 2024, Hologic agreed to acquire British medical device manufacturer Endomag for $310 million.[20] The acquisition completed in July that year.[21]

Notes and References

  1. Web site: Hologic, Inc. (HOLX) . Yahoo! Finance. January 11, 2020.
  2. Web site: Hologic, Inc. 2022 Annual Report (Form 10-K) . November 15, 2022 . U.S. Securities and Exchange Commission.
  3. News: Hologic names new CEO, adds two Icahn nominees to board. Reuters.com. December 9, 2013. Grover . Natalie . https://web.archive.org/web/20181001220533/https://www.reuters.com/article/us-hologic-icahn/hologic-names-new-ceo-adds-two-icahn-nominees-to-board-idUSBRE9B80O620131209 . October 1, 2018 . dead.
  4. Web site: Carl Icahn cashes in on Hologic success . March 4, 2016 . Adams . Dan . Boston Globe . January 6, 2020 . https://web.archive.org/web/20190903042516/https://www.bostonglobe.com/business/2016/03/04/carl-icahn-cashes-hologic-success/vry84HeJrU9HEmIvc0BceO/story.html . September 3, 2019 . live.
  5. Web site: Icahn exits Gannett, Hologic positions; adds to Xerox . Witkowski . Wallace . MarketWatch.com . May 6, 2016 . January 6, 2020 . https://web.archive.org/web/20170705051047/https://www.marketwatch.com/story/icahn-exits-gannett-hologic-positions-adds-to-herbalife-xerox-2016-05-16 . July 5, 2017 . live.
  6. Web site: Breast imaging company Hologic unloads aesthetics line at $1B-plus loss . Stempniak . Marty . January 3, 2020 . January 5, 2020 . RadiologyBusiness.com . https://web.archive.org/web/20200106070204/https://www.radiologybusiness.com/topics/healthcare-economics/breast-imaging-hologic-aesthetics-line-cynosure . January 6, 2020 . live.
  7. Web site: Hologic to Sell Cynosure Medical Aesthetics Business to Clayton, Dubilier & Rice . BusinessWire.com . November 20, 2019 . January 11, 2020.
  8. Web site: Hologic Completes Divestiture of Cynosure Medical Aesthetics Business . Yahoo! Finance . Business Wire . December 30, 2019 . January 5, 2020.
  9. Web site: Hologic (HOLX) Divests Cynosure to Focus on Women's Health . January 2, 2020 . January 5, 2020 . Zacks.com . https://web.archive.org/web/20200106060436/https://www.zacks.com/stock/news/698933/hologic-holx-divests-cynosure-to-focus-on-womens-health . live . January 6, 2020.
  10. Web site: FDA Approves Abbott Laboratories Coronavirus Test, Company To Ship 150,000 Kits . 19 March 2020 . IBTimes.com . https://web.archive.org/web/20200320210743/https://www.ibtimes.com/fda-approves-abbott-laboratories-coronavirus-test-company-ship-150000-kits-2942677 . 20 March 2020 . live.
  11. Web site: Hologic's latest COVID-19 test gets FDA approval for emergency use. 29 May 2020 . reuters.com.
  12. Web site: Hologic : Grifols and Hologic embark on a unique collaboration for COVID-19 testing in Spain. 2020-07-07. MarketScreener. 12 June 2020 . en.
  13. Web site: Hologic nets $119M U.S. government contract to boost coronavirus test manufacturing into 2022. 2020-11-04. FierceBiotech. en.
  14. Web site: Hologic Awarded U.S. Government Contract to Expand COVID-19 Test Production Capacity. 2020-11-04. BaytownSun.com. en.
  15. Web site: Hologic to Acquire Biotheranostics, Leader in Molecular Tests for Breast and Metastatic Cancers, for Approximately $230 million.
  16. Web site: Hologic to Acquire SOMATEX, Leader in Biopsy Site Markers and Localization Technologies, for $64 Million.
  17. Web site: Vinluan. Frank. 2021-04-08. Hologic makes a multiplex molecular testing move with $795M Mobidiag acquisition. 2021-04-26. MedCity News. en-US.
  18. Hologic Completes Acquisition of Mobidiag. Hologic. Business Wire. June 17, 2021.
  19. Web site: Clarey. Christopher . 2022-03-03 . Strong Stance on China and Peng Shuai Helps Land WTA a New Title Sponsor . 2022-03-03 . The New York Times.
  20. News: Kanner-Mascolo . Mica . April 30, 2024 . Hologic to acquire UK-based breast cancer tech manufacturer for $310M . Worcester Business Journal.
  21. Web site: Hologic completes Endomagnetics acquisition . July 25, 2024 . Mass Device . Kirsh . Danielle.

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