Hologic dreams bigger for Bolder Surgical with $160M acquisition deal

operating room surgery light
Hologic plans to put Bolder Surgical's pediatric surgery devices in the hands of OB-GYNs, where it estimates the market for laparoscopic procedures may be five times larger. (Getty Images)

Consistent with the tuck-in acquisition strategy it’s pursued since the beginning of this year, Hologic is taking intrepid steps to build out its surgical franchise with a $160 million deal for Bolder Surgical.

The Colorado-based company offers a series of laparoscopic devices that allow surgeons to dissect their way through tissue, seal off blood vessels and accurately divide them all with one device, skipping the need to pause and exchange instruments during a procedure.

Bolder has also developed smaller hardware such as five-millimeter surgical staplers designed for use in pediatric patients. However, Hologic has plans to put those devices in the hands of obstetric and gynecologic surgeons—where it estimates the market for laparoscopic procedures may be as much as five times larger.

“We can accelerate growth and improve patient outcomes by leveraging our significant commercial resources and strong relationships with OB/GYNs,” Essex Mitchell, Hologic’s surgical division president, said in a statement.

The companies expect Bolder to bring in about $10 million in revenue this calendar year, with devices that will complement Hologic’s product lines such as the NovaSure and Acessa ablation systems and its MyoSure morcellation devices for uterine fibroids. The deal is expected to close before the end of December.

RELATED: Hologic begins broad European launch of its tabletop Novodiag tester after its $795M acquisition 

This year has seen Hologic go on a spree of acquisitions aimed at building out its core businesses after reaping a windfall from COVID-19 that saw diagnostic sales explode over 2020 and into this year.

It started in January with the back-to-back outlays of $64 million for Somatex, a German manufacturer of breast tumor biopsy equipment, and $230 million for oncology test developer Biotheranostics; Hologic continued its tuck-in buys with a $159 million deal for Diagenode.

The company’s COVID-powered dealmaking reached a high point in April with $795 million for test maker Mobidiag, which produces tabletop-sized hardware for detecting multiple infectious diseases at once at the point of care.

“This [Bolder Surgical] acquisition is another good example of our capital deployment strategy, as we use our strong cash flow to add products that leverage our existing channel strength and accelerate our growth,” said Hologic CEO Steve MacMillan, who previously described the goal as preparing the company for a post-pandemic world.