Core Insights - Hologic's $18.3 billion acquisition by Blackstone and TPG is nearing completion, marking the largest medical devices deal in two decades, with 99.8% of shareholders approving the proposal [1][2] - The acquisition price of $76 per share, plus a contingent value right (CVR) of up to $3, represents a 46% premium over the stock price before the deal was announced [2] - Hologic's recent quarterly results showed a 2.5% year-over-year revenue increase but missed analyst expectations, particularly in Breast Health sales [5][6] Acquisition Details - Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash, with a potential additional $3 per share based on future revenue goals [2] - The total purchase price could reach $79 per share, indicating a 46% premium compared to the last trading day before acquisition rumors [2] - The stock is currently trading close to the buyout price, suggesting limited upside potential for existing shareholders [3][7] Financial Performance - Hologic reported first-quarter revenues of $1,047.8 million, a 2.5% increase year-over-year, but fell short of analyst forecasts [5][6] - Breast Health product revenues decreased by 2.2%, attributed to lower sales of digital mammography systems and related products [7] - GYN Surgical revenues increased by 8.7%, driven by higher sales from the acquired Gynesonics business [9] Market Position and Valuation - Hologic's shares have gained 1.2% over the past three months, outperforming the industry, which declined by 7.7% [14] - The company is trading at a forward Price-to-Sales (P/S) ratio of 3.86, higher than its historical median of 3.49 and the sector average of 2.24 [16] - Compared to competitors, Hologic's valuation appears elevated, with GE HealthCare and Medtronic trading at lower P/S ratios [16] Regulatory Developments - Hologic's Aptima HPV Assay received FDA approval for primary screening, expanding its cervical cancer screening offerings [12] - The approval follows extensive real-world studies involving over 650,000 women, enhancing the company's market position in cervical cancer diagnostics [12][13]