Hologic (HOLX) Inks Deal To Acquire SuperSonic Imagine
Zacks Investment Research | Jun 21, 2019 08:43AM ET
Hologic, Inc. (NASDAQ:HOLX) has recently made a binding offer to acquire (directly or through an affiliate) SuperSonic Imagine — a France-based innovator in cart-based ultrasound products. Also, the company announced that it has signed an exclusive negotiation deal with SuperSonic Imagine and its primary shareholders.
The acquisition is in sync with the company’s strategy to provide wide-ranging screening, interventional and surgical solutions across the spectrum of breast health care.
Financial Terms
Under the terms of the binding offer, Hologic has agreed to acquire SuperSonic Imagine’s outstanding shares at €1.50 per share. This corresponds to all outstanding shares of approximately $39 million (or $42 million assuming dilution of all outstanding warrants and options). Further, Moreover, Hologic will generate funds to repay SuperSonic Imagine’s net debt of $43 million. Summing up, this equates to a maximum enterprise value of $85 million.
About the Acquisition
Through the acquisition of SuperSonic Imagine, the company is likely to foray into the $450-million cart-based global breast ultrasound market, which is expanding at a high-single-digit rate. The upside can be attributed to the technology being adopted as an adjunct to mammography in women with dense breast tissue. SuperSonic Imagine’s product portfolio will strengthen the utility of Viera, the wireless, handheld ultrasound scanner that Hologic is commercializing through a development and distribution agreement with Clarius Mobile Health.
Market Prospects
Per Zacks Investment Research
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