Madison’s Third Wave Technologies is being sold for $580 million to Massachusetts-based Hologic, Inc. The transaction should be completed this fall.
Third Wave, which has about 180 employees, will remain in Madison and retain most of its employees, a Hologic spokesman said.
Hologic, Inc. said the price of $11.25 per share represents a 24 percent premium to Third Wave’s average trading price over the last three months.
The Boards of Directors of both companies have unanimously approved the transaction in which Hologic is to acquire 100 percent of Third Wave’s stock in a cash tender offer to be followed by a merger to acquire any untendered shares.
Hologic makes women’s health care products. Third Wave is developing tests to screen for human papillomavirus, (HPV), and recently submitted applications to the Food and Drug Administration.
The Hologic spokesman said the only Third Wave layoffs expected might be in overlapping corporate areas.
“Third Wave’s manufacturing and research and development assets are critical… for approval of its HPV products and to its expansion into other molecular diagnostic tests in development,” he said.
“It only makes sense for Hologic to retain Third Wave’s current site. In fact, we expect to take advantage of Third Wave’s facility in Madison and its expertise in its core competencies to augment Hologic’s current R&D capabilities.”
See Hologic release: http://www.wisbusiness.com/index.iml?Article=128230