Mobidiag develops diagnostic instruments and tests for acute care conditions, such as gastrointestinal and respiratory infections. Credit: National Cancer Institute on Unsplash.

Hologic has completed the acquisition of Finnish-French molecular diagnostic test developer Mobidiag for an enterprise value of nearly $808m.

In April, Hologic entered a definitive agreement to acquire Mobidiag.

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Mobidiag develops near-patient, molecular diagnostic instruments and tests for acute care conditions such as gastrointestinal, respiratory infections, antimicrobial resistance management and healthcare linked infections.

Last year, Mobidiag earned revenues of nearly $42m.

Its testing platforms, Amplidiag and Novodiag, provide results in between 50 minutes and two hours.

The Novodiag platform combines real-time polymerase chain reaction (PCR) and microarray expertise to offer advanced multiplexing.

Multiplexing aids in detecting various pathogens from a single sample, simplifying workflows for labs and delivering quick results to doctors.

Hologic plans to invest in assay development to further grow the Novodiag platform.

Owing to the investment, Hologic estimates the acquisition to be about $0.10 dilutive to its non-GAAP earnings per share in fiscal 2022, slightly dilutive in 2023 and accretive afterwards.

The acquisition will support the worldwide growth of Mobidiag’s differentiated molecular platform, which is user-friendly with multiplex abilities and quick turnaround times.

For Hologic, the deal will bolster its global and diagnostics businesses.

Hologic international group president Jan Verstreken said: “Closing the acquisition of Mobidiag enables us to become a broader, more diversified global diagnostics leader.

“Together, we can accelerate development and adoption of Mobidiag’s innovative products globally and drive Hologic’s growth.”

Hologic funded the transaction with cash on hand and by borrowing on its current line of credit.

In March, Hologic acquired molecular diagnostic assays and epigenetics products manufacturer Diagenode in a deal worth approximately $159m.

Diagenode is expected to grow Hologic’s diagnostic business across test menu and customer segments as well as geographically.