by Barbara Kram
, Editor | October 24, 2007
BEDFORD, Mass. - Hologic, Inc. (NASDAQ:HOLX) and Cytyc Corporation (NASDAQ: CYTC) have completed the combination of the two companies, creating one of the largest companies in the world focused on advanced technology in women's health.
"We are delighted to have completed this transaction, which marks a new chapter in the history of our company," said Jack Cumming, Hologic's Chief Executive Officer. "Both Hologic and Cytyc provide some of the most advanced technology addressing women's health needs. By combining our companies' complementary, best-in-class products and technologies, we expect to drive enhanced growth and value creation. We are now focused on seamlessly integrating these two great companies and realizing the tremendous upside potential our combination creates."
"We look forward to joining our talented teams and working together to reach our shared goal of improving women's health," said Patrick Sullivan, Chairman of Hologic and former Chairman, President, and Chief Executive Officer of Cytyc. "We are very excited to realize the extraordinary benefits this combination of industry leaders will provide to shareholders, employees, physicians and their patients."
Numed, a well established company in business since 1975 provides a wide range of service options including time & material service, PM only contracts, full service contracts, labor only contracts & system relocation. Call 800 96 Numed for more info.
Under the terms of the merger agreement, Cytyc shareholders received 0.52 shares of Hologic common stock and $16.50 in cash for each share of Cytyc common stock held by them, with aggregate consideration paid to Cytyc shareholders totaling approximately $6.2 billion, payable in approximately 65,800,000 shares of Hologic common stock and approximately $2.1 billion in cash. Hologic will continue to trade on the NASDAQ Global Select Market under the symbol "HOLX" while Cytyc will become a wholly-owned subsidiary of Hologic that ceased trading on the NASDAQ as of the close of trading on October 22, 2007.
About Hologic, Inc.
Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostic and medical imaging systems dedicated to serving the healthcare needs of women, and a leading developer of innovative imaging technology for digital radiography and breast imaging. Hologic's core business units are focused on mammography and breast biopsy, osteoporosis assessment, and mini C-arm and extremity MRI imaging for orthopedic applications. Cytyc's products cover a range of cancer and women's health applications, including cervical cancer screening, preterm birth screening, treatment of excessive menstrual bleeding, radiation treatment of patients with early-stage breast cancer.
Back to HCB News