In total, $65 million was paid by Hologic in shares of Hologic’s common stock valued at $54.222 per share and $5 million was paid in cash. Hologic will be responsible for the payment of up to two annual deferred cash payments not to exceed $15 million in the aggregate based upon MammoPad achieving certain revenue targets.
Jack Cumming, chairman and CEO of Hologic, said: “This acquisition reflects our continued strategy and efforts to offer a comprehensive portfolio of products to serve in the breast cancer detection market. The BioLucent MammoPad was designed to benefit women undergoing mammograms by providing more comfort, we believe better tissue acquisition and ultimately improved outcomes.
“It is our hope with proper training and support, the MammoPad can become a standard of care in mammography. We look forward to the opportunities that will develop from this combination as we continue to build value for our shareholders.”
Steven Gex, president and CEO of Biolucent said: “We are pleased we have finalized this agreement with Hologic. We believe Hologic’s experience and ability to work with partners to drive the adoption of value-added products in the sales channel will serve as the perfect compliment to our MammoPad breast cushion.”