Hologic agreed to be acquired by Blackstone and TPG for $18.3B, at $76 per share in cash; upon close, the company will be delisted from Nasdaq. The aggregate purchase price represents a premium of approximately 46% to Hologic’s closing price on May 23, 2025, the last full trading day prior to media reports regarding a possible transaction.
This is the largest medtech buyout since 2006, enabled by improving credit markets and a cohort of banks willing to underwrite large financings into strong, growing markets like women's health. This historic transaction is a major win for the category, validating the market and underscoring the depth of institutional appetite for deals in women’s health.
Hologic is a global leader in women’s health diagnostics and devices, with four durable segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. Its success stems from clinically differentiated platforms that pair capital equipment with recurring consumables and service revenue, driving high margins and resilient cash flow. Clear reimbursement, strong clinician preference, and deep KOL relationships further strengthen its moat. For buyers, that combination of durable cash generation, predictable replacement cycles, and ample room for R&D and M&A creates multiple levers for value creation under private ownership.
Hologic’s end-markets (Breast Health, GYN Surgical, and Skeletal Health) represent sizable women’s health categories that, beyond breast health, do not receive proper recognition. Breast cancer screening has always been deemed a large women's health market with a TAM of roughly $5B (with mammography devices near ~$2.6B). But GYN Surgical and Skeletal Health also command significant market value. GYN Surgical sits within a gynecologic devices/procedures market often sized in the billions. For example, the hysteroscopy market was estimated to be $13.9B in 2024.
Hologic’s story offers a template for women’s health startups across diagnostics, devices and services. Whether via IPOs or private buyouts, high-quality women’s health platforms are entering a more constructive market and we expect stronger bids for scaled category leaders.
Emerging women’s health platforms across biopharma, med-device and services are gaining momentum and funding. Here are some examples of emerging innovation:
- Granata Bio (Amboy Street portfolio company; Series A) — Biopharma platform developing IVF medication products
- Womed Tech (Series A) — Uterine health technology platform developing 4 product lines across fertility, fibroids and abnormal bleeding
- OSEL (Series B) — Microbial based therapeutics platform for women’s health
