Hologic to acquire UK-based breast cancer tech manufacturer for $310M

Photo | Grant Welker Hologic's Marlborough headquarters

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Hologic, a Marlborough-based medical device manufacturer, is expanding its product catalog through the planned $310-million acquisition of Endomagnetics, a breast cancer surgery technology developer.

Based in the United Kingdom, Endomagnetics works to make identifying and removing breast cancer easier and more accessible through its surgical guidance platform, Sentimag, and developing and selling technologies used in breast cancer localization and staging, according to a Monday press release from Hologic. In 2023, Endomagnetics generated about $35 million in revenue.

Hologic didn’t specify an anticipated closing date for the acquisition, nor the impact on employees for both companies. The acquisition is subject to regulatory approvals.

"Endomag’s suite of solutions complements our existing breast surgery portfolio and will provide surgeons and radiologists with an expanded range of options to meet the individual needs of more patients undergoing critical breast cancer procedures," Erik Anderson, president of breast and skeletal health solutions at Hologic, said in the release. "With a global footprint and a similar commitment to women’s health, we are excited about the potential of welcoming the Endomag team and our future opportunities together to increase access to these technologies and better serve patients across the breast health continuum of care."

Hologic foresees the purchase will slightly dilute its fiscal 2024 earnings per share before breaking even in 2025 and increasing afterward.

"We are delighted to attract the strength and focus of Hologic to power the next phase of our growth," Endomagnetics CEO Eric Mayes said in the release. "Our team is encouraged by our cultural alignment and the potential to strengthen a broader portfolio of solutions to improve women’s health globally."