"We have great respect for Kevin Conroy and his team, the exciting products they have developed and the expertise they bring to Hologic. Before offering to acquire Third Wave, we conducted extensive due diligence on the company's technologies, and believe that once FDA approval is obtained, the HPV test will represent an important new molecular diagnostic platform. Importantly, the senior management team of Third Wave is so confident about the future of this technology that six top executives have voluntarily deferred the vesting of their options and the acceleration of most of their long-term incentive plan payments otherwise due upon a change in control until after the receipt of FDA approval -- the strongest possible vote of confidence in Third Wave's technology and in this transaction, which we fully share," Mr. Cumming concluded.

"We welcome this opportunity to deliver outstanding value to our stakeholders," said Kevin Conroy, Chief Executive Officer of Third Wave. We look forward to working with Hologic to complete the transaction efficiently and to delivering its benefits to our respective shareholders, customers, employees and to women worldwide."


Benefits of the Merger

The anticipated strategic benefits of the transaction to Hologic include, among others: It provides a solid platform for future opportunities in molecular diagnostics. Third Wave's unique Invader chemistry provides an exciting platform to explore new diagnostics for women's health. It also accelerates Hologic's growth in cervical cancer screening. With a strong existing presence in cancer screening, the addition of Third Wave's HPV tests, subject to FDA approval, will allow Hologic to expand its ability to serve this important segment of the industry. Third Wave's pending HPV tests are a natural adjunct to Hologic's ThinPrep pap test. Subject to FDA approval, the addition of Cervista HR and Cervista 16/18 further broadens Hologic's comprehensive suite of products and diagnostic tests for women's health. Subject to FDA approval, the addition of Third Wave's HPV tests will improve the standard for HPV testing by providing a more efficient test process with increased specificity to Hologic customers, as well as a platform for additional tests and services.

About Hologic, Inc.

Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostics, medical imaging systems and surgical products dedicated to serving the healthcare needs of women. Hologic's core business units are focused on breast health, diagnostics, GYN surgical, and skeletal health. Hologic provides a comprehensive suite of technologies with products for mammography and breast biopsy, radiation treatment for early-stage breast cancer, cervical cancer screening, treatment for menorrhagia, osteoporosis assessment, preterm birth risk assessment, and mini C-arm for extremity imaging. For more information, please visit Hologic's website at www.hologic.com.

More Industry Headlines