Hologic Acquires R2 Technology, Inc., A Leader in Computer Aided Detection (CAD)
Bedford, MA July 13, 2006 Hologic, Inc. (NASDAQ: HOLX), a leading provider of diagnostic imaging and state-of-the-art digital imaging systems directed towards women's health, today announced it has completed the acquisition of R2 Technology, Inc., a global leader in computer aided detection (CAD).
"This acquisition marks an important step forward in our strategy and efforts to grow our mammography business segment and expand our market share in women's health," said Jack Cumming, Chairman and Chief Executive Officer. "Our relationship with R2 is about working together, as respected industry leaders, in innovative ways to assist physicians in the early detection of breast cancer and lung disease. Combined, our customers have our assurance we will put our full resources behind development of new leading edge technologies to improve the spectrum of detection capabilities. We look forward to the opportunities that will develop from this combination as we continue to build value for our shareholders."
R2 Technology, Inc., located in Sunnyvale, California, is a recognized leader in the development and commercialization of computer-aided detection (CAD), an innovative technology that assists radiologists in the early detection of breast cancer. R2 Technology pioneered the use of CAD for mammography in 1998 when the ImageChecker system became the first CAD system approved by the FDA for screening mammography. The ImageChecker CAD system was also the first system approved for use with digital mammography.
Under the terms of the agreement signed April 24, 2006, the purchase price for the transaction is approximately $220 million payable in approximately 4,630,300 shares of common stock.
"We are pleased we have finalized this agreement with Hologic," said John Pavlidis, President and CEO of R2 Technology, Inc. "We believe Hologic's experience and ability to work with partners to drive the adoption of value-added products in the sales channel will serve as the perfect complement to our technology platform."
About Hologic
Hologic, Inc. is a leading developer, manufacturer and supplier of medical imaging systems dedicated to serving the healthcare needs of women, and a leading developer of state-of-the-art digital imaging technology for general radiography and mammography applications. Hologic's core business units are focused on osteoporosis assessment, mammography and breast biopsy, direct-to-digital X-ray for general radiography applications and mini C-arm imaging for orthopedic applications.
About R2 Technology
R2 Technology, Inc., headquartered in Sunnyvale, Calif., is a recognized leader in the development and commercialization of computer-aided detection (CAD), an innovative technology that assists physicians in the earlier detection of breast cancer, actionable lung nodules and other lung abnormalities. As a medical imaging company dedicated to diagnostic decision support, increasing physician productivity and preventing medical errors, R2 Technology is developing CAD systems for a variety of imaging modalities and disease states.