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Hologic to Acquire Bolder Surgical for $160 Million, Expanding its Surgical Franchise

2021/10/15 14:12:53 Views:180


Original from: Businesswire

Image Credit: Invest in Manchester


Hologic, Inc. (Nasdaq: HOLX), a global leader in women's health, announced today that it has signed a definitive agreement to acquire Bolder Surgical, a privately held, U.S.-based company that provides advanced energy vessel sealing surgical devices, for approximately $160 million, subject to working capital and other customary closing adjustments.


“This acquisition will broaden our growing Surgical portfolio by adding Bolder’s differentiated advanced vessel sealing and dissection tools that are used in laparoscopic procedures,” said Essex Mitchell, Hologic’s Division President, Surgical. “We can accelerate growth and improve patient outcomes by leveraging our significant commercial resources and strong relationships with OB/GYNs.”


The transaction adds laparoscopic vessel sealing, dividing and dissecting devices to the Hologic portfolio and also will enable Hologic to expand the use of Bolder’s devices to OB/GYN specialists. Hologic estimates that there are five times more laparoscopic procedures in OB/GYN applications than in pediatrics, where Bolder focuses today. Bolder’s CoolSeal® devices feature slender, dual action jaws, allowing for dissection, vessel sealing and dividing all in one device. The ability to use a combination device improves surgical efficiency by reducing the need for instrument exchanges. In addition, Bolder’s JustRight® 3 mm vessel sealer and the JustRight 5 mm stapler are designed for small surgical spaces such as in pediatric cases, which can help reduce the need for larger, overpowered instruments.


“Becoming part of Hologic and its highly respected and well-known Surgical business is an exciting and pivotal junction for Bolder,” said Robert Kline, Bolder Surgical’s President and Chief Executive Officer. “Together, we will accelerate realizing Bolder’s vision to increase the efficiency of both surgeons and hospitals. Joining Hologic, with its similar mission, culture, and world-class portfolio of products, is an ideal fit for Bolder.”


The complementary acquisition of Bolder Surgical will add to Hologic’s surgical product line, which includes the NovaSure®endometrial ablation system for the treatment of abnormal uterine bleeding, the MyoSure® tissue removal devices for the treatment of intrauterine fibroids and polyps, the Acessa® laparoscopic radiofrequency ablation system for the treatment of fibroids, and the Fluent® fluid management system for streamlining hysteroscopic procedures.


“This acquisition is another good example of our capital deployment strategy, as we use our strong cash flow to add products that leverage our existing channel strength and accelerate our growth,” said Steve MacMillan, Hologic’s Chairman, President and Chief Executive Officer.


Bolder Surgical is expected to generate approximately $10 million of product revenue this calendar year. The acquisition is expected to be slightly dilutive to Hologic’s non-GAAP earnings per share in fiscal 2022, roughly break-even in fiscal 2023, and accretive thereafter.


The acquisition is expected to close by the end of calendar 2021, subject to antitrust clearance and other customary closing conditions.


Source: Hologic to Acquire Bolder Surgical for $160 Million, Expanding its Surgical Franchise