"We have great respect for Kevin Conroy and his team, the exciting products they have developed and the expertise they bring to Hologic. Before offering to acquire Third Wave, we conducted extensive due diligence on the company's technologies, and believe that once FDA approval is obtained, the HPV test will represent an important new molecular diagnostic platform. Importantly, the senior management team of Third Wave is so confident about the future of this technology that six top executives have voluntarily deferred the vesting of their options and the acceleration of most of their long-term incentive plan payments otherwise due upon a change in control until after the receipt of FDA approval -- the strongest possible vote of confidence in Third Wave's technology and in this transaction, which we fully share," Mr. Cumming concluded.
"We welcome this opportunity to deliver outstanding value to our stakeholders," said Kevin Conroy, Chief Executive Officer of Third Wave. We look forward to working with Hologic to complete the transaction efficiently and to delivering its benefits to our respective shareholders, customers, employees and to women worldwide."
Benefits of the Merger
The anticipated strategic benefits of the transaction to Hologic
include, among others:
-- Provides a solid platform for future opportunities in molecular
diagnostics. Third Wave's unique Invader chemistry provides an
exciting platform to explore new diagnostics for women's health.
-- Accelerates Hologic's growth in cervical cancer screening. With a
strong existing presence in cancer screening, the addition of Third
Wave's HPV tests, subject to FDA approval, will allow Hologic to expand
its ability to serve this important segment of the industry. Third
Wave's pending HPV tests are a natural adjunct to Hologic's ThinPrep
|SOURCE Hologic, Inc.|
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