U.S. women health firm Hologic said has signed a definitive agreement to acquire privately-held Mobidiag Oy in a deal that values the Finnish-French developer of innovative molecular diagnostic tests and instrumentation at $795 million.

The deal value includes a cash payment of approximately $714 million (€600 million) for Mobidiag’s equity and net debt of approximately $81 million.

“We believe that Mobidiag has developed a differentiated platform that addresses many of the historical challenges of multiplexed point-of-care molecular testing.”

Jan Verstreken, group president, international at Hologic

Mobidiag generated approximately $42 million (€35 million) of revenue in calendar 2020. Hologic said it intends to invest in assay development to drive the growth of Mobidiag’s Novodiag platform.

Mobidiag, founded by Estonian professor Mart Saarma, had raised $74 million from European Investment Bank and other investors, including a crowdfunding round on Springvest.

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