On July 6, 2010, Sentinelle Medical Inc. and Hologic, Inc. (Nasdaq: HOLX) announced that they have entered into a definitive agreement for the acquisition of Sentinelle Medical by Hologic. The purchase price for the transaction will be C$85 million, plus a two-year contingent earn out to a maximum possible purchase price of C$335 million. The earn out will be payable in cash installments equal to a multiple of the incremental revenue growth in Sentinelle Medical’s business in the two years following the closing. This transaction is expected to close in August 2010 and is subject to customary closing conditions, including, among others, Sentinelle Medical stockholder approval and Canadian judicial approval.
Sentinelle Medical, a privately-held medical imaging company headquartered in Toronto, is dedicated to developing advanced breast imaging technologies using high-field strength MRI that will help in the earlier detection and better treatment of breast cancer.
Hologic, Inc., headquartered in Bedford, Massachusetts, is a developer, manufacturer and supplier of premium diagnostics, medical imaging systems and surgical products dedicated to serving the healthcare needs of women. The company operates in four segments: Breast Health, Diagnostics, GYN Surgical and Skeletal Health.
Further information is found on Sentinelle's website.