Hologic acquires Belgian firm for $159M

Photo | Grant Welker Hologic's Marlborough headquarters

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By Sam Bonacci

Marlborough medical device company Hologic has made yet another acquisition, this time picking up Belgium-based diagnostic company Diagenode for $159 million.

“We are excited to put our strong cash flow to work to acquire Diagenode and further strengthen our diagnostics business, which has had tremendous momentum in the United States and internationally,” Steve MacMillan, Hologic’s chairman, president and CEO said in a release.

Diagenode offers more than 30 real-time tests used in detecting bacteria, parasites and viruses involved in sexually transmitted infections, respiratory diseases, meningitis and gastroenteritis. The company is playing a leading role in epigenetics with a robust portfolio of devices, kits, reagents, antibodies and services to aid in the analysis of DNA and RNA, according to Hologic’s release.

Hologic just closed the $230 million acquisition of a California cancer test company in Februrary. The company’s ongoing acquisitions have been funded by massive profits on the strength of its COVID-19 tests.

Diagenode generated more than $30 million of revenue in the last 12 months, according to Hologic. The acquisition is expected to be approximately breakeven to Hologic’s non-GAAP earnings per share through fiscal 2022, and accretive thereafter.