LONDON, UK: Hologic Inc. (Nasdaq: HOLX), a global leader in women’s health, that it is has signed a definitive agreement to acquire Endomagnetics Ltd. The acquisition, which is subject to regulatory approval as well as working capital and other customary closing adjustments values Endomag at approximately $310m.
Endomag is a medical technology company, based in Cambridge, devoted to improving the global standard of care in breast cancer. Its products include the Magseed® marker for magnetic tissue localisation before surgery, the Magtrace® lymphatic tracing injectable for breast cancer staging and the Sentimag® platform, which supports both localisation and lymphatic tracing.
Molten Ventures first invested in Endomag in July 2018, with investment from its balance sheet and from its EIS and VCT funds. Follow-on funding was provided to support Endomag’s continued growth in 2020. The deal values Molten’s stake in Endomag modestly above its Group holding value of £35 million.
In its recent trading update, published 23 April 2024, Molten noted that FY25 was showing promise of a more normalised realisations market, with proceeds expected to be meaningfully higher than the prior two years. The announcement of the acquisition of Endomag follows Molten’s recent announcement of the proposed exit of Perkbox (announced on 18 March 2024 and subject to regulatory approval).
Martin Davis, Chief Executive Officer of Molten Ventures, commented: “This transaction, alongside Perkbox, demonstrates our ability to support innovative businesses as they scale and create value for our shareholders through the cycle.
“The news follows our recent announcement in relation to Perkbox, and reflects the additional momentum being seen in the realisations market. With multiple realisation processes either underway or planned across the portfolio we expect to deliver in the region of £100 million of capital back to the balance sheet this financial year.
“We will provide an update on our capital allocation policy in respect of these anticipated proceeds, which focuses on NAV per share accretive deployment, at the time of our full year results on 12 June 2024.”