Hologic acquires Suros Surgical Systems
8 August 2006 Bedford, Mass., USA. Hologic, Inc. (NASDAQ:HOLX), a
manufacturer of diagnostic digital imaging systems for women's health, has
completed the acquisition of Suros Surgical Systems, Inc., a manufacturer of
devices used for minimally invasive breast biopsy and tissue excision.
"This acquisition is an important milestone in the execution of our overall
strategy to grow our business and expand our presence in the women's health
market," said Jack Cumming, Chairman and Chief Executive Officer. "We
believe the increasing adoption of minimally invasive procedures, such as
vacuum assisted breast biopsy, will improve patient safety, advance the
quality of care and reduce costs. We look forward to the opportunities we
see for future growth and success as Suros becomes a member of the Hologic
family." Suros Surgical Systems, Inc., located in Indianapolis, Indiana
manufactures products for minimally invasive surgery, focused on breast
biopsy and tissue removal. Suros Surgical's ATEC (automated tissue excision
and collection) line of products, include percutaneous, automatic vacuum
assisted breast biopsy systems, ancillary breast biopsy devices and biopsy
site markers.
Under the terms of the agreement signed April 17, 2006, the purchase
price for the transaction, exclusive of certain transaction costs and
expenses, is approximately $240 million payable in approximately $135
million in cash and 2,330,000 shares of common stock. In addition, an
earn-out will be payable in two annual cash installments equal to the
incremental revenue growth in Suros Surgical's business in the two years
following the closing. "We are pleased we have finalized this agreement
with Hologic," said Jim Pearson, President and CEO of Suros Surgical
Systems, Inc. "We believe Hologic's industry presence and experience will
facilitate getting the ATEC Breast Biopsy and Excision System in the hands
of physicians, which will only benefit their patients worldwide."
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