Hologic has signed an agreement for the acquisition of Endomagnetics (Endomag), a developer of breast cancer surgery technologies, in a deal valued at nearly $310m.

The acquisition price is subject to adjustments based on working capital and other standard closing conditions.

Endomag specialises in innovative technologies for breast surgery, including the Magseed marker, Magtrace lymphatic tracing injectable, and the Sentimag platform.

These products are pivotal in the localisation and lymphatic tracing during breast cancer surgeries.

Hologic breast and skeletal health solutions president Erik Anderson said: “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.

“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.”

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For the 2023 calendar year, Endomag reported revenues of $35m.

The acquisition is projected to have a slight dilutive effect on Hologic’s non-GAAP earnings per share for the fiscal year 2024, with expectations to break even in 2025 and become accretive to earnings thereafter.

Endomag CEO Eric Mayes said: “We are delighted to attract the strength and focus of Hologic to power the next phase of our growth.

“Our team is encouraged by our cultural alignment and the potential to strengthen a broader portfolio of solutions to improve women’s health globally.”

The completion of the acquisition is subject to the satisfaction of customary closing conditions, which include obtaining the necessary regulatory approvals.

Earlier this year, Hologic received the FDA clearance for its Genius Digital Diagnostics System. It is considered to be the first FDA-cleared digital cytology platform that combines AI with volumetric imaging for cervical cancer screening.