BEDFORD, Mass., Feb. 4, 2011 /PRNewswire/ -- Hologic, Inc. (Hologic or the Company) (Nasdaq: HOLX), a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products dedicated to serving the healthcare needs of women, announced today the U.S. Food and Drug Administration (FDA) has approved Hologic's pharmaceutical named Makena™ (hydroxyprogesterone caproate injection), formerly known as Gestiva™. Per the terms of an asset purchase agreement (the Agreement) between Hologic and KV Pharmaceutical Company (KV), Hologic will transfer the Company's Makena assets (the Transfer) to KV upon the satisfaction of certain conditions, including receipt of a $12.5 million cash payment from KV. Transfer is expected to be completed by February 11, 2011.
Under the Agreement, Hologic has already received $79.5 million in cash payments from KV, plus reimbursement of Hologic's expenses relating to Makena. In addition to the $12.5 million cash payment expected to be received by February 11, 2011, KV is required to make additional payments to Hologic totaling $107.5 million over a period not to exceed 30 months, which will result in a total purchase price of $199.5 million.
About Hologic, Inc.
Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products dedicated to serving the healthcare needs of women. Hologic's core business units are focused on breast health, diagnostics, GYN surgical, and skeletal health. Hologic provides a comprehensive suite of technologies with products for mammography and breast biopsy, breast magnetic resonance imaging, radiation treatment for early-stage breast cancer, cervical cancer screening, treatment for menorrhagia and uterine fibroids, permanent contraception, osteoporosis assessment, preterm birth risk assessment, mini C-arm for extremity imaging and molecular diagnostic products including HPV and reagents for a variety of DNA and RNA analysis applications. For more information, visit www.hologic.com.
Hologic, Gestiva, Makena, and associated logos are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.
Forward Looking Disclaimer
This News Release contains forward-looking information that involves known and unknown risks and uncertainties. The Company cannot assure that KV will have the necessary cash funding available to make payments under this Agreement as they come due. The risks and uncertainties included above are not exhaustive. Other factors that could adversely affect the Company's business and prospects are described in the Company's filings with the Securities and Exchange Commission. Hologic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to the data or statements presented herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such data or statements are based.
Vice President, Investor Relations
SOURCE Hologic, Inc.