Hologic, a Bedford, Mass.-based provider of diagnostic and medical-imaging systems, will acquire Third Wave Technologies, a molecular diagnostic-test developer located in Madison, Wis., for $580 million in cash, according to a news release.
Hologic will borrow $600 million to complete the transaction. The purchase price represents a 24% premium over Third Waves average trading price during the past three month, and the deal is expected to close some time during the third quarter following regulatory approval.
Third Wave currently produces diagnostic tests for cystic fibrosis, hepatitis C and cardiovascular risks, among other diseases. It is waiting Food and Drug Administration approval for two human papilloma virus tests.