Hologic continues buying binge, acquiring molecular cancer test firm Biotheranostics for $230M

Women’s imaging firm Hologic continued its buying binge on Tuesday with its second major acquisition in the same number of days.

The Marlborough, Massachusetts-based company is purchasing Biotheranostics, a “leader” in molecular tests for breast and metastatic cancers, for $230 million. One day prior, Hologic also revealed its intent to obtain German biopsy site marker manufacturer Somatex for $64 million.

In a Jan. 5 announcement, officials said the addition would dovetail with Hologic’s line of women’s health products that include mammography, radiography and ultrasound systems.

“Acquiring Biotheranostics enables us to jump-start our entry into a large, fast-growing oncology adjacency that fits perfectly with our broader corporate focus and passion for women’s health,” Kevin Thornal, Hologic’s division president of diagnostics, said in a statement.

Founded in 1996 and based in San Diego, Biotheranostics is a privately held, commercial-stage molecular diagnostics company, with labs licensed or authorized to perform testing in all 50 states. It tallied some $33 million in sales during 2020.

Publicly traded Hologic said it hopes to close the deal in February, subject to antitrust clearance and other conditions. The company’s recent M&A spree has been fueled by sales of its COVID-19 test, which pushed Hologic’s quarterly income to more than $1.3 billion last year, Fierce Biotech reported.