FDA Approves Hologic's Makenaâ„¢ (Formerly Referred to as Gestivaâ„¢) Pharmaceutical
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 birt