Medical imaging systems maker Hologic Inc. announced it will acquire Third Wave Technologies Inc. for $11.25 per share, or approximately $580 million. Madison, Wis.-based Third Wave develops molecular diagnostic reagents for DNA and RNA analysis applications for diagnosing cystic fibrosis, hepatitis C, and other diseases. The company's two human papilloma virus (HPV) tests are under review by the US Food and Drug Administration (FDA). Hologic, which is based in Bedford, provides surgical products, imaging systems and diagnostics for women's health care, such as mammography, breast biopsy, cervical cancer screening, and osteoporosis assessment. Hologic Chairman and CEO Jack Cumming said acquiring Third Wave will help accelerate the growth of Hologic's diagnostics division, particularly its two HPV tests. Currently 10 million HPV tests are performed in the US and the market has grown more than 40 percent a year for the past five years. "If and when Third Wave's HPV tests receive FDA approval, expected sometime in the first half of calendar 2009, we will be well-positioned to take these products quickly and effectively to market," Cumming said. The boards of both companies have approved the deal, under which Hologic will acquire Third Wave's stock in a cash tender offer, to be followed by a merger to acquire any untendered shares. The per share price offered represents a premium of approximately 24 percent over Third Wave's average stock price over the last three months, Hologic said. Hologic said it expects to complete the transaction in the third quarter and for it to be modestly dilutive to its adjusted earnings per share only in the first full year after closing. For more information, visit: www.hologic.com or www.twt.com