Hologic Completes Acquisition of Biotheranostics, Enabling Entry into Growing Oncology Market
23 February 2021 - 8:02AM
Business Wire
-- Breast Cancer Index™ Added to National
Comprehensive Cancer Network Guidelines to Predict Benefit from
Extended Endocrine Therapy --
Hologic, Inc. (Nasdaq: HOLX), a global leader in women's health,
has completed its previously announced acquisition of molecular
oncology leader Biotheranostics, Inc. for approximately $230
million. Biotheranostics develops and markets two highly
differentiated molecular diagnostic tests for breast and metastatic
cancers – Breast Cancer Index™ (BCI) and CancerTYPE ID® (CTID).
“We are very pleased to complete the acquisition of
Biotheranostics and look forward to working with our new colleagues
to grow in the large, rapidly expanding oncology space,” said Kevin
Thornal, Hologic’s president, Diagnostic Solutions Division. “We
are even more excited about the acquisition because last month the
National Comprehensive Cancer Network revised its clinical practice
guidelines to include Breast Cancer Index as the only gene
expression assay to predict benefit from extended endocrine therapy
for patients with early-stage hormone-receptor positive breast
cancer.”
The National Comprehensive Cancer Network® (NCCN®) is a
not-for-profit alliance of 30 leading cancer centers. Breast Cancer
Index is recommended by the NCCN for prediction of which
early-stage hormone receptor positive (HR+) breast cancer patients
are likely to benefit from extended endocrine therapy.1 Terminating
endocrine therapy in those patients unlikely to benefit may save
healthcare dollars and reduce patient exposure to challenging side
effects of therapy. Conversely, for patients needing prolonged
treatment, Breast Cancer Index can provide the confidence of
knowing that the treatment is reducing their risk of recurrence.
The BCI test is also included in additional clinical practice
guidelines for breast cancer, including those from the American
Society for Clinical Oncology (ASCO).2
Biotheranostics also developed and markets the CancerTYPE ID
test, which provides a molecular diagnosis for patients with
uncertain or unknown cancers. In advanced cancer that has
metastasized, it can be difficult to determine the tumor type and
subtype, information that is needed to optimize treatment
selection, particularly with advancements in molecular targeted
therapies. CTID compares genomic tumor information to a reference
database to find the closest match, enabling physicians to design
personalized treatment plans for patients with Unknown Primary
Cancer and cases with diagnostic ambiguity.
The BCI and CTID tests are laboratory developed tests that are
not required to be cleared or approved by the US Food and Drug
Administration.
About Hologic, Inc.
Hologic, Inc. is an innovative medical technology company
primarily focused on improving women's health and well-being
through early detection and treatment. For more information on
Hologic, visit www.hologic.com.
Hologic and The Science of Sure are trademarks and/or registered
trademarks of Hologic, Inc. and/or its subsidiaries in the United
States and/or other countries. Breast Cancer Index and CancerTYPE
ID are trademarks and/or registered trademarks of Biotheranostics,
Inc.
Forward-Looking
Statements
This news release contains forward-looking information that
involves risks and uncertainties, including statements about
Hologic’s plans, objectives, expectations and intentions for
Biotheranostics. Such statements include, without limitation:
financial or other information based upon or otherwise
incorporating judgments or estimates relating to future
performance, events or expectations; strategies, positioning,
resources, capabilities, and expectations for future performance;
and Hologic’s outlook and financial and other guidance. These
forward-looking statements are based upon assumptions made as of
this date and are subject to known and unknown risks and
uncertainties that could cause actual results to differ materially
from those anticipated.
Risks and uncertainties that could adversely affect business and
prospects, and otherwise cause actual results to differ materially
from those anticipated, include without limitation: the possibility
that the anticipated benefits from the transaction cannot be fully
realized or may take longer to realize than expected; the
possibility that costs or difficulties related to the integration
of Biotheranostics’ operations with those of Hologic will be
greater than expected; the ability of Hologic and Biotheranostics
to retain and hire key personnel; the coverage and reimbursement
decisions of third-party payers and the guidelines,
recommendations, and studies published by various organizations
relating to the use of products and treatments; the ability to
successfully manage ongoing organizational and strategic changes,
including Hologic's ability to attract, motivate and retain key
employees; the development of new competitive technologies and
products; regulatory approvals and clearances for products; the
anticipated development of markets in which products are sold into
and the success of products in these markets; the anticipated
performance and benefits of products; estimated asset and liability
values; and anticipated trends relating to Hologic's financial
condition, results of operations or capital resources.
The risks included above are not exhaustive. Other factors that
could adversely affect Hologic’s business and prospects are
described in Hologic’s filings with the SEC. Hologic expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statements presented herein to
reflect any change in expectations or any change in events,
conditions or circumstances on which any such statements are
based.
References:
-
https://www.nccn.org/professionals/physician_gls/pdf/breast.pdf.
Accessed February 4, 2021.
-
https://www.asco.org/sites/new-www.asco.org/files/content-files/practice-and-guidelines/2019-adj-biomarkers-summary-table.pdf.
Accessed February 4, 2021.
Source: Hologic, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210222005684/en/
Media Contact: Jane Mazur Vice President, Divisional
Communications (508) 263-8764 Investor Contact: Michael
Watts Vice President, Investor Relations and Corporate
Communications (858) 410-8588
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