Medical technology company Hologic has agreed to acquire US-based commercial-stage molecular diagnostic tests provider Biotheranostics for approximately $230m.
The acquisition will help to fast-track Hologic’s entry into the oncology growth market.
Biotheranostics develops diagnostic, prognostic, and predictive tests, which support physicians in cancer patient treatment.
Hologic Diagnostics division president Kevin Thornal said: “Acquiring Biotheranostics enables us to jump-start our entry into a large, fast-growing oncology adjacency that fits perfectly with our broader corporate focus and passion for women’s health.
“Together with the Biotheranostics team, we can leverage our commercial capabilities and expertise in molecular diagnostics automation to accelerate growth, help physicians make more informed decisions, and deliver more personalised treatment and better clinical outcomes for more women.”
Hologic noted that the deal will give the company access to Biotheranostics’ Clinical Laboratory Improvement Amendments (CLIA) lab and will aid in accelerating market development for novel tests.
Both tests are polymerase chain reaction (PCR)-based gene expression tests that were validated in large studies in oncological areas that have critical unmet needs and great growth potential.
In addition, the BCI test is part of many clinical practice guidelines for breast cancer and both tests have widespread reimbursement in the US.
Biotheranostics president and CEO Don Hardison said: “We are thrilled that the Biotheranostics team will become part of Hologic’s diagnostic business.”
“Hologic’s leadership in women’s health and molecular automation will accelerate access for both of our novel, proprietary tests, translating into better clinical outcomes for cancer patients.”
The deal is expected to close next month.
Hologic also acquired biopsy site markers and localisation technologies developer SOMATEX Medical Technologies in a deal valued at approximately $64m.