Blackstone and TPG renew interest in Hologic acquisition

Private equity firms Blackstone and TPG have reignited discussions to acquire Hologic, a Marlborough, Massachusetts-based leader in women’s health diagnostics, in what could become one of the largest healthcare take-private transactions this year. Talks over the past year have been intermittent, and sources caution that a deal is not guaranteed.

Hologic specialises in breast and cervical cancer screening, infectious disease testing, and other women’s health diagnostics. The company’s CEO, Steve MacMillan, could receive more than $40 million in cash and stock in the event of a change of control, providing a strong incentive for a sale.

Earlier this year, Blackstone and TPG submitted a non-binding proposal valuing Hologic at approximately $16 billion, or $70–$72 per share, which was rejected. Shares have since fallen to around $66, lowering the company’s market capitalisation to roughly $14.7 billion, potentially making the acquisition more attractive.

Operationally, Hologic has shown signs of recovery, particularly in its molecular diagnostics and interventional breast segments. The company recently beat market expectations in Q2, raised full-year earnings guidance, and reaffirmed mid-single-digit revenue growth for fiscal 2026, supported by new product launches and easing tariff pressures.

The parties are conducting due diligence, but no transaction is expected within the next month. Both Blackstone and TPG declined to comment, and Hologic has not responded to requests for statements.

This renewed interest underscores ongoing private equity appetite for high-quality medical diagnostics platforms, particularly those positioned in growth segments like women’s health.

Track the progress of this potential $16 billion deal and its implications for the healthcare diagnostics sector. Read here.