With Blackstone and TPG acquiring Hologic in an $18.3 billion deal, the IVD industry sees yet another high-value transaction, following the BD-Waters merger and Siemens’ reported divestiture talks.
For laboratory leaders, another major consolidation in diagnostics is underway, according to a press release. Hologic, Inc., a key player in women’s health diagnostics, imaging, and molecular testing, has agreed to be acquired by Blackstone and TPG in a deal valued at up to $18.3 billion, signaling continued investor confidence in the in vitro diagnostics (IVD) sector despite ongoing market volatility.
In September The Dark Report published its “2025 Rankings of the World’s Top 13 IVD Corporations.” Hologic is number 11 on the list.
Industry professionals are taking notice of the broader implications. On LinkedIn, Bruce Carlson, an IVD market specialist with Kalorama Information, noted that Hologic’s sale, “including imaging and IVD assets,” comes at “a 4½x multiple,” calling it “a lot of lettuce, as they used to say.” Carlson added that with multiple large IVD transactions this year, “the question is whether people want out of the business, or want to cash in on values that are up. This multiple seems to argue the latter.”
Featured in the August 4 edition of The Dark Report, a similar move unfolded with Waters Corporation and BD, which recently announced a $17.5 billion merger combining BD’s Biosciences & Diagnostic Solutions business with Waters. The deal will create a major player spanning life sciences and diagnostics, another sign of consolidation and growing investor interest across the IVD sector.
On September 19, Dark Daily reported that according to Bloomberg Siemens Healthineers is in early talks with Blackstone, KKR, and others about selling its diagnostics division, potentially valued at over €6 billion ($7 billion). If completed, the move would mark another major shake-up in the IVD sector, coming on the heels of the
Waters-BD Diagnostics merger, and could signal further consolidation and portfolio realignment among top diagnostic manufacturers.
The Agreement
Under the terms of the agreement, Hologic shareholders will receive $76 per share in cash, plus a non-tradable contingent value right (CVR) worth up to $3 per share, tied to revenue targets in the company’s Breast Health division in fiscal years 2026 and 2027.
The deal represents a 46% premium over Hologic’s May 23, 2025 closing price, before reports of a potential sale surfaced.
Private equity firms Blackstone and TPG will lead the acquisition, with minority investments from the Abu Dhabi Investment Authority (ADIA) and GIC.
The transaction, pending shareholder and regulatory approval, is expected to close in the first half of 2026, after which Hologic will be taken private and delisted from Nasdaq.
Hologic Chairman, president, and CEO Stephen P. MacMillan said “With their resources, expertise and commitment to women’s health, Blackstone and TPG will help accelerate our growth and enhance our ability to deliver critical medical technologies to customers and their patients around the world.
Hologic Chairman, president, and CEO Stephen P. MacMillan also noted that, “This transaction delivers immediate and compelling value to Hologic stockholders, reflecting the dedication of our employees whose hard work has made this milestone possible.” (Photo credit: Hologic)
For laboratory executives, this move underscores the ongoing realignment of the diagnostics sector, where high valuations and strong post-pandemic revenues continue to draw private equity interest. The deal could influence valuations for mid-tier lab tech firms and diagnostic innovators as investors seek scalable platforms with stable revenue streams.
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—Janette Wider
