Ropes & Gray Advised Blackstone and TPG as Health Care and FDA Regulatory Counsel in $18.3 Billion Acquisition of Hologic

Ropes & Gray advised alternative asset management firms Blackstone and TPG as health care and FDA regulatory counsel in an agreement to acquire Hologic, Inc. in a transaction valued at up to $79 per share, representing an enterprise value of up to $18.3 billion. The transaction was announced on October 21 and is expected to close in the first half of 2026.

Under the agreement , Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash plus a non-tradable contingent value right (CVR) to receive up to $3 per share in two payments of up to $1.50 each, for total consideration of up to $79 per share in cash. The non-tradable CVR would be issued to Hologic stockholders at closing and paid, in whole or in part, following achievement of certain global revenue goals for Hologic’s Breast Health business in fiscal years 2026 and 2027.

Hologic is a developer, manufacturer and supplier of premium diagnostics products, medical imaging systems, and surgical products focused on women's health and well-being through early detection and treatment. Hologic operates in four key segments: Diagnostics, Breast Health, GYN Surgical and Skeletal Health. The transaction aims to strengthen Hologic’s leadership in women’s health and accelerate growth.

The Ropes & Gray team was led by health care partners Christina Bergeron and Jamie Darch and life sciences regulatory & compliance partner Greg Levine and associate Rebecca Williams and included life sciences partners Lincoln Tsang and Katherine Wang and health care counsel Leslie Thornton.

The team also included health care associates Robin Briendel, Robert Baxter and Jonathan Wrobel, life sciences regulatory & compliance associates Austin Laroche, Lauren Sager, Daisy Bray, Pascale Stain and Emily Fruchterman, litigation & enforcement associate S.J. Tilden and data, privacy & cybersecurity associate Jessica Grischkan.