Hologic will continue to trade on the Nasdaq Global Select Market under the symbol HOLX while Cytyc will become a wholly-owned subsidiary of Hologic.
Under the terms of the merger agreement, Cytyc shareholders received 0.52 shares of Hologic common stock and $16.50 in cash for each share of Cytyc common stock held by them, with aggregate consideration paid to Cytyc shareholders totaling approximately $6.2 billion. This is payable in approximately 65.8 million shares of Hologic common stock and approximately $2.1 billion in cash.
Jack Cumming, Hologic’s CEO, said: “Both Hologic and Cytyc provide some of the most advanced technology addressing women’s health needs. By combining our companies’ complementary, best-in-class products and technologies, we expect to drive enhanced growth and value creation. We are now focused on seamlessly integrating these two great companies and realizing the tremendous upside potential our combination creates.”
Patrick Sullivan, chairman of Hologic and former chairman, president, and CEO of Cytyc, said: “We look forward to joining our talented teams and working together to reach our shared goal of improving women’s health. We are very excited to realize the extraordinary benefits this combination of industry leaders will provide to shareholders, employees, physicians and their patients.”