Medical device and diagnostics company Hologic (NASDAQ: [[ticker:HOLX]]) of Bedford, MA, hopes to accelerate its growth in the diagnostics market. To that end, the company today announced an agreement to put up $580 million to buy Third Wave Technologies (NASDAQ: [[ticker:TWTI]]), which develops molecular diagnostics, especially for HPV, human papilloma virus.
Hologic specializes in women’s health products, including mammography systems, instruments for gynecological surgery, and diagnostic tests for cervical cancer—so called Pap smears. This is also where the Third Wave acquisition fits in, as infection with human papilloma virus can lead to cervical cancer. At present, the Wisconsin-based company has two HPV tests waiting for approval.
“If and when Third Wave’s HPV tests receive FDA approval, expected sometime in the first half of calendar 2009, we will be well-positioned to take these products quickly and effectively to market. We expect the integration process to be smooth and seamless,” Hologic CEO Jack Cumming said in a statement.
