Hologic picks up magnetic breast cancer marker maker Endomag for $310M

Hologic is putting down about $310 million to acquire Endomagnetics, the developer of technologies for localizing tumors in breast cancer surgeries without using radioactive materials.

Also known as Endomag, its portfolio includes the Magseed implantable marker, a metal coil smaller than a grain of rice that is planted within cancerous lesions or affected lymph nodes to magnetically identify them for later removal.

The Cambridge, U.K.-based company also produces the injectable Magtrace solution, used to trace pathways from a tumor into nearby lymph nodes, to help determine the stage of a cancer case. 

Magtrace—consisting of iron oxide, sugar and salt water—was first approved by the FDA in 2018 for patients undergoing a mastectomy; that U.S. green light was expanded in late 2022 to include all breast cancer staging procedures, including breast-conserving surgery and sentinel lymph node biopsies. Both Magseed and Magtrace rely on Endomag’s Sentimag probe and sensing platform.

“Endomag’s suite of solutions complements our existing breast surgery portfolio and will provide surgeons and radiologists with an expanded range of options to meet the individual needs of more patients undergoing critical breast cancer procedures,” Hologic’s president of breast and skeletal health solutions, Erik Anderson, said in a statement.

According to Hologic, Endomag brought in about $35 million of revenue during the 2023 calendar year. Last year also saw the Centers for Medicare and Medicaid Services hand down a new reimbursement code specifically for the Magtrace injection.

Hologic previously added to its core breast cancer biopsy portfolio in early 2021, with its $64 million tuck-in buy of Somatex Medical Technologies. The purchase of the German developer—the first in a series fueled by the company’s COVID testing windfalls—brought ownership of the Tumark line of implantable tissue markers designed to be visible under ultrasound and X-ray imaging, which had previously been distributed by Hologic.