Blackstone, TPG Offer $18.3B for Hologic at 46% Premium
In Q1 fiscal 2026, Hologic’s Breast Health revenue rose 1.8% and GYN Surgical sales climbed 8.7% while Molecular Diagnostics declined 3.5%, ending with $2.17B cash and 0.3X leverage. Blackstone and TPG’s $18.3B acquisition bid offers $76 per share plus a CVR worth up to $3, representing a 46% premium.
1. Q1 Fiscal 2026 Performance
Hologic grew Breast Health revenues by 1.8% and GYN Surgical sales by 8.7% year-over-year, while Molecular Diagnostics revenues declined 3.5%; growth in its BV CV/TV vaginitis assay and Panther Fusion tests partially offset the diagnostic contraction.
2. Cash Position and Balance Sheet
At the end of Q1, Hologic held $2.17 billion in cash and cash equivalents and maintained an adjusted net leverage ratio of 0.3X, providing substantial liquidity ahead of its pending acquisition.
3. FDA Approval for HPV Assay
Following the quarter, Hologic secured FDA approval for its Aptima HPV Assay for clinician-collected primary HPV screening, expanding its molecular diagnostics portfolio in women’s health.
4. Private Equity Acquisition Terms
In October 2025, Blackstone and TPG agreed to acquire Hologic for up to $18.3 billion, offering $76 per share in cash plus a $3-max contingent value right, equating to a 46% premium and receiving 99.8% shareholder approval.