BEDFORD, Mass., Jan. 3, 2013 /PRNewswire/ -- Hologic, Inc. (Hologic or the Company) (NASDAQ: HOLX), a leading developer, manufacturer and supplier of premium diagnostics, medical imaging systems and surgical products dedicated to serving the healthcare needs of women, today announced that it has entered into a definitive agreement to sell its LIFECODES business unit to Immucor, Inc.
Under the terms of the agreement, Hologic will receive $85 million in cash at closing, subject to certain adjustments, and have the opportunity to earn a contingent payment of $10 million based on achievement of certain financial targets for the calendar year 2013.
The transaction is subject to customary closing conditions, including expiration of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction is expected to close during the second fiscal quarter.
"Our sale of LIFECODES will enable Hologic to focus our resources on diagnostics opportunities that are more in-line with our fundamental growth strategies," said Rob Cascella, Hologic's President and CEO. "We are committed to reducing our debt balance and plan to use proceeds from the sale of LIFECODES for that purpose."
The sale of LIFECODES was taken into consideration when the Company issued financial guidance for fiscal 2013 on November 12, 2012.
Hologic acquired the LIFECODES business unit as part of its acquisition of Gen-Probe Incorporated, which was completed on August 1, 2012. LIFECODES sells molecular and antibody-based assays in the markets of transplant diagnostics, specialty coagulation and transfusion medicine.
Forward-Looking Statement Disclaimer:
This News Release contains forward-looking information that involves risks and uncertainties, including statements about Hologic's plans, objectives, expectations and intentions. Such statements include, without limitation, statements about the timing of the completion of the proposed transaction, other of Hologic's plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may contain words such as "expect," "believe," "may," "can," "should," "will," "forecast," "anticipate," or similar expressions (including their use in the negative), and include assumptions that underlie such statements. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: the ability of the parties to consummate the proposed transaction in a timely manner or at all; satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals in a timely manner or at all; and unknown, underestimated or undisclosed commitments or liabilities. The risks included above are not exhaustive. Hologic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements presented herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statements are based. Certain factors that could adversely affect the Company's business and prospects are described in Hologic's filings with the Securities and Exchange Commission.
About Hologic, Inc.:
Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostic products, medical imaging systems, and surgical products. The Company operates four core business units focused on diagnostics, breast health, GYN surgical and skeletal health. With a comprehensive suite of technologies and a robust research and development program, Hologic is committed to improving lives. The Company is headquartered in Massachusetts. For more information, visit www.hologic.com.
Hologic, Gen-Probe, LIFECODES and associated logos are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.
SOURCE Hologic, Inc.