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Hologic , Inc. announced the completion of its acquisition of Sentinelle Medical Inc.

Hologic , Inc., a leading developer, manufacturer and supplier of premium diagnostics, medical imaging systems and surgical products dedicated to serving the healthcare needs of women, announced the completion of its acquisition of Sentinelle Medical Inc. ( Sentinelle Medical ), a leading provider of magnetic resonance imaging ( MRI ) breast coils, tables and visualization software.

"We are extremely pleased we have finalized the acquisition of Sentinelle Medical ," said Rob Cascella, President and Chief Executive Officer. "We believe MRI will be an important standard of care for breast screening of women indicated as having a high risk of developing the disease. Adding Sentinelle Medical's products to Hologic 's best-in-class portfolio of product offerings in the areas of breast cancer detection and intervention will enhance our Company's presence as a leader in women's healthcare."

Sentinelle Medical, a privately-held medical imaging company headquartered in Toronto, Canada, is dedicated to developing advanced breast imaging technologies using high-field strength MRI that will help in the earlier detection and better treatment of breast cancer.

The purchase price for the transaction was $85 million, plus a two-year contingent earn out. The earn out will be payable in cash installments equal to a multiple of the incremental revenue growth in Sentinelle Medical's business in the two years following today's closing date.

"We are excited to complete this acquisition, allowing us to further the impact of our products to improve patient care in breast and body MRI applications," said Cameron Piron, President and CEO of Sentinelle Medical. "We look forward to continued development of innovative products and services for our customers under the Hologic name."

Source: Hologic