Marlborough's Hologic buys $1.7B cosmetics firm
Hologic develops technology like mammography exams that help save lives.
Hologic, a Marlborough women's health product company, is buying Westford medical products company Cynosure in a cash deal valued at $1.65 billion, Hologic announced Tuesday.
The deal, which has already been approved by both companies' boards, values Cynosure at $66 a share and is expected to close by April.
Hologic said buying Cynosure will allow it to enter the fast-growing medical cosmetic products field, which Hologic said exceeds $2 billion worldwide and is expected to grow at a double-digit rate over the next several years. The deal will push Hologic into a higher-growth company, it said. Hologic recently divested its blood screening operations.
Hologic creates mammography, biopsy and other products, and also offers training for breast health and gynecological services.
Cynosure, which will become a wholly owned subsidiary, reported revenues last year of $434 million and has posted 28 consecutive quarters of year-to-year growth.
Hologic reached new levels of notoriety last year, joining the S&P 500 and signing a deal with singer Sheryl Crow to be a spokeswoman for the company's three-dimensional mammography exam.
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