Massachusetts company will buy Bolder Surgical for $160M

LOUISVILLE — Hologic Inc. (Nasdaq: HOLX) has agreed to buy Bolder Surgical Holdings Inc. for $160 million. The deal is expected to close by year-end, subject to regulatory clearance and customary closing conditions, a press release said.

Marlborough, Massachusetts-based Hologic focuses on early detection and treatment in women’s health in diagnostics, surgical and medical imaging products. It has $5.6 billion in annual revenue and a $17.8 billion market capitalization.

Louisville-based Bolder Surgical was founded as JustRight Surgical LLC in 2010, focusing on pediatric patients. It rebranded in 2019 to Bolder Surgical to broaden its approach. The company makes tools for sealing blood vessels and devices for laparoscopic, or minimally invasive and open surgical procedures.

It’s also worked on software and robotic surgical products with Intuitive Surgical Inc. (Nasdaq: ISRG) in Sunnyvale, California.

The press release said the tie-up will quicken Bolder Surgical inroads into those broader markets.

We will “improve patient outcomes [with] our significant commercial resources and strong relationships with OB/GYNs,” said Essex Mitchell, Hologic’s surgical division president.

“We will accelerate realizing Bolder’s vision to increase the efficiency of both surgeons and hospitals,” Bolder Surgical president and CEO Robert Kline said.

Bolder Surgical had raised at least $60 million in funding leading to a valuation of between $100 million and $500 million by 2019, according to Crunchbase and PrivCo. Backing included a January 2019 round of $27 million from River City Capital, Westwood Management, Providence Ventures and others.

Bolder Surgical will contribute $10 million in revenue to Hologic through the rest of the year. It will be “slightly dilutive to Hologic’s non-GAAP earnings per share in fiscal 2022, roughly break-even in fiscal 2023, and accretive thereafter,” Hologic said.

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