Endomag being sold to US firm for $310m

30 Apr, 2024
Tony Quested
Cambridge breast cancer pioneer Endomag is set to become the latest UK bio business snapped up by America. The privately owned company is to be acquired by Hologic Inc – a NASDAQ-quoted firm based in Marlborough, Massachusetts – for $310 million.
Endomag CEO Eric Mayes.

The deal is subject to working capital, other customary closing adjustments and regulatory approvals.

Endomag is a breast surgical guidance company based at Cambridge Science Park. The company generated around $35m of revenue in calendar 2023.

It develops and sells breast surgery localisation and lymphatic tracing technologies. Its products include the Magseed® marker for magnetic tissue localization before surgery, the Magtrace® lymphatic tracing injectable for breast cancer staging and the Sentimag® platform, which supports both localization and lymphatic tracing.

Hologic, Inc. is a global medical technology innovator focused on improving the health and well-being of women, their families and communities through early detection and treatment.

Its advancements include invention of the world’s first commercial 3D mammography system to find breast cancer earlier; leadership in testing for cervical cancer, sexually transmitted infections and respiratory illnesses; and minimally invasive surgical technologies for uterine fibroids and abnormal uterine bleeding.

The company also champions women through the Hologic Global Women’s Health Index, which provides a science-backed data framework for improving women’s well-being.

The acquisition is expected to be slightly dilutive to Hologic’s non-GAAP earnings per share in fiscal 2024, break even in 2025 and accretive thereafter.

“Endomag’s suite of solutions complements our existing breast surgery portfolio and will provide surgeons and radiologists with an expanded range of options to meet the individual needs of more patients undergoing critical breast cancer procedures,” said Erik Anderson, President of Breast and Skeletal Health Solutions at Hologic.

“With a global footprint and a similar commitment to women’s health, we are excited about the potential of welcoming the Endomag team and our future opportunities together to increase access to these technologies and better serve patients across the breast health continuum of care.”

Eric Mayes, CEO of Endomag, added: “We are delighted to attract the strength and focus of Hologic to power the next phase of our growth. Our team is encouraged by our cultural alignment and the potential to strengthen a broader portfolio of solutions to improve women’s health globally.”