Medical technology company Hologic has agreed to acquire Finnish-French molecular diagnostic solutions and instrumentation developer Mobidiag for an enterprise value of around $795m.

The deal consists of a cash payment of up to $714m for Mobidiag’s equity, as well as the net debt of around $81m.

Mobidiag is involved in the development and marketing of polymerase chain reaction (PCR) based tests for acute care conditions such as gastrointestinal and respiratory infections, antimicrobial resistance management, and healthcare-associated infections.

The company’s Amplidiag and Novodiag platforms are automated instruments, which deliver quick turnaround times ranging from 50 minutes to two hours.

The Novodiag platform integrates real-time PCR with microarray capabilities to deliver high-level multiplexing, which allows to detect multiple pathogens in a single sample. It helps to streamline workflows for laboratories and offers rapid results to physicians.

Hologic is expected to invest in assay development to boost the growth of the Novodiag platform.

Mobidiag reported around $42m of revenue in calendar 2020.

Hologic international group president Jan Verstreken said: “Acquiring Mobidiag will further strengthen our international and diagnostics businesses by enabling us to expand into the large, fast-growing acute care adjacency with a near-patient testing solution that offers ease of use, multiplex capability and rapid turnaround time.

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

Hologic expects to fund the acquisition with cash on hand and borrowing on its existing line of credit.

Subject to receipt of certain required regulatory approvals and other customary closing conditions, the deal is expected to be completed in the fourth quarter of fiscal 2021.

J.P. Morgan served as sole financial advisor to Mobidiag, while Roschier Attorneys acted as its legal advisor.

In March this year, Hologic acquired European molecular diagnostic company Diagenode for around $159m.

Diagenode is involved in the development and manufacturing of molecular diagnostic assays and epigenetics products.