When Hologic was founded in 1985, its focus was developing x-ray technology to better diagnose and treat osteoporosis. From its pioneering work, the company developed a core mission: to help doctors detect diseases earlier, more accurately and improve patients’ prospects for recovery.
Nearly three decades later, Hologic is now a global healthcare technology company employing more than 6,000 scientists, engineers and employees working together to develop breakthroughs in everything from cancer screening, prenatal testing and osteoporosis assessment to innovative diagnostic tests for Human Papillomavirus (HPV) and Sexually Transmitted Diseases (STDs). From a singularly focused start-up, Hologic has – through innovation and acquisition – grown into a $10 billion enterprise helping people around the world lead longer, healthier lives.
Breakthroughs in Women's Health
Hologic’s groundbreaking 3D breast imaging technology, Tomosynthesis, the first of its kind to be approved by the FDA, is just one of the ways the company is having a profound impact on millions of people. The technology enables radiologists, surgeons and oncologists to see what might not be visible in standard 2D imaging, allowing for earlier detection, fewer false positives and less invasive treatments.
Tomosynthesis is just one of many Hologic technology innovations. The company also provides a range of screening and diagnostic tools to address:
An Ongoing Relationship
Goldman Sachs has worked with Hologic on three key transactions in recent years that have helped fuel its growth and ability to help patients.
In 2007, Goldman Sachs acted as the financial advisor and arranged the financing for Hologic’s $6.2 billion merger with Cytyc Corporation, a women’s health company. In the merger, Hologic was able to combine its portfolio of breast cancer and osteoporosis diagnostic tools with Cytyc’s cancer screening and treatment products. This was significant for Hologic. The company not only doubled in size, but also expanded their capabilities, becoming a leader in women’s health and diagnostics.
The following year, in 2008, Goldman Sachs advised Hologic and organized the financing for another acquisition, Hologic’s $580 million acquisition of Third Wave Technologies, a company which developed molecular diagnostic technology to help detect conditions such as Cystic Fibrosis and Hepatitis C. This acquisition would again broaden Hologic's portfolio and further strengthen its position in women’s health.
In 2012, Hologic was looking to expand its offering in testing and diagnostics through the acquisition of Gen-Probe. They turned to Goldman Sachs to help structure the deal and provide strategic thinking as to how best to execute the transaction, which was complex. Goldman Sachs provided the $3.72 billion in financing Hologic needed for the acquisition. The acquisition provided Hologic with a broad portfolio of tests for sexually transmitted diseases and a leading blood screening business to distribute through their existing global market presence and network.
In these transactions, as well as other debt offerings, Goldman Sachs was able to use a variety of financing strategies to arrange the accessing of capital from multiple markets, including bank debt, high yield, and convertible debt, to help Hologic achieve its goals. These transactions have helped make Hologic a stronger, more competitive company globally and a leader in its field. They have helped Hologic acquire and attract talented new scientists and engineers, who make new advances in the diagnosis and treatment of disease. They have allowed Hologic to invest in its manufacturing base, improving products and technology, with the ultimate goal of improving patients’ lives.
Goldman Sachs’ Global Healthcare Investment Banking Group provides strategic advice and financial services to leading healthcare companies around the world, including biotechnology, life sciences, medical technology and pharmaceuticals, helping them with many types of transactions including initial public offerings, risk management, equity and debt underwriting, and mergers and acquisitions, to meet their needs.