Women-focused medical technology producer Hologic has agreed to acquire Mobidiag, a Finland-headquartered molecular diagnostics technology developer backed by clinical diagnostics product maker Autobio Diagnostics, for €668m ($795m).
The deal, which is expected to close in the fourth quarter of the 2021 fiscal year, involves a cash payment of $714m combined with $81m of net debt financing.
Founded in 2000, Mobidiag produces polymerase chain reaction-based tests and equipment for acute care conditions including gastrointestinal and respiratory infections.
The company’s offering includes the Amplidiag range, for high-throughput molecular diagnostics, and the Novodiag platform for fast on-demand molecular diagnostics. It generated approximately $42m of revenue during 2020.
The acquisition will strengthen Hologic’s portfolio of diagnostics businesses and enable it to enter the acute care market.
Tuomas Tenkanen, Mobidiag’s CEO, said: “Under the Hologic umbrella our business will continue to be committed to its existing customer base in Europe, including our home markets of Finland, France, Sweden and UK, however, Hologic’s commercial expertise, scale and investment strength will accelerate the broader market adoption of our products.”
Mobidiag had secured $11.3m from Autobio in February 2019, following $4.6m of equity funding from Finland-based investment firm Springvest the year before.