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Biolucent Acquired By Hologic For $70 Million
Posted on 06/23/2007 09:37:38 | Link | Post Comment
by Sara Calabro
Med Tech Sentinel
BioLucent, a Aliso Viejo, CA-based company that makes breast cushions for increased comfort during mammographies, has been scooped up by Hologic (HOLX), a diagnostic imaging company focused on women’s health, for $70 million.
Of utmost importance to the acquisition for Hologic is BioLucent’s MammoPad breast cushion, a radiolucent foam cushion that covers the cold, hard surfaces of mammography equipment. The patented device is designed to reduce the discomfort that inhibits many women from getting regular mammograms. According to the companies, MammoPad is the standard of care in about 20% of mammography facilities in the U.S., and it has been used by more than 10 million women.
The total value of the transaction could reach $85 million, as the agreement includes a two-year earn out on top of the purchase price. The earn-out will be payable in two annual cash installments totaling up to $15 million based on BioLucent achieving certain revenue targets. The $70 million purchase price will consist of $5 million in cash and $65 million in whatever form Hologic chooses — cash, common stock or a combination of the two.
BioLucent also does work in the area of brachytherapy. At the closing of the Hologic transaction, that business will be spun off into a newly created, independent company called Cianna Medical. It will manufacture BioLucent’s SAVI breast-brachytherapy device.
BioLucent’s 2006 revenues were approximately $17 million, a 42% jump from 2005.
RELATED READING:
- Amgen Announces Another Acquisition
- NxStage Hopes $79 Million Acquisition Brings Profitability
- Bespak to Acquire Emergent for $38M
Med Tech Sentinel is a regular contributor to BioHealth Investor
________________
Med Tech Sentinel
BioLucent, a Aliso Viejo, CA-based company that makes breast cushions for increased comfort during mammographies, has been scooped up by Hologic (HOLX), a diagnostic imaging company focused on women’s health, for $70 million.
Of utmost importance to the acquisition for Hologic is BioLucent’s MammoPad breast cushion, a radiolucent foam cushion that covers the cold, hard surfaces of mammography equipment. The patented device is designed to reduce the discomfort that inhibits many women from getting regular mammograms. According to the companies, MammoPad is the standard of care in about 20% of mammography facilities in the U.S., and it has been used by more than 10 million women.
The total value of the transaction could reach $85 million, as the agreement includes a two-year earn out on top of the purchase price. The earn-out will be payable in two annual cash installments totaling up to $15 million based on BioLucent achieving certain revenue targets. The $70 million purchase price will consist of $5 million in cash and $65 million in whatever form Hologic chooses — cash, common stock or a combination of the two.
BioLucent also does work in the area of brachytherapy. At the closing of the Hologic transaction, that business will be spun off into a newly created, independent company called Cianna Medical. It will manufacture BioLucent’s SAVI breast-brachytherapy device.
BioLucent’s 2006 revenues were approximately $17 million, a 42% jump from 2005.
RELATED READING:
- Amgen Announces Another Acquisition
- NxStage Hopes $79 Million Acquisition Brings Profitability
- Bespak to Acquire Emergent for $38M
Med Tech Sentinel is a regular contributor to BioHealth Investor
________________
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