Blackstone and TPG completed their $18.3 billion acquisition of Hologic on Tuesday, taking the molecular diagnostics and women's health company private in one of 2025's largest leveraged buyouts. CEO Steve MacMillan is retiring following the close, ending a nearly 13-year tenure, according to MedTech Dive.
The transaction carries approximately $12 billion in associated debt financing, with Wall Street banks launching a $7 billion loan sale tied to the buyout, Bloomberg reported. Hologic initially rejected a take-private proposal from the two firms valued at over $16 billion, according to earlier Reuters reporting.
Hologic named José Almeida, former CEO of Baxter International, as MacMillan's replacement, Fierce Biotech reported. Almeida previously led Baxter through its separation from Baxalta and subsequent restructuring.
The deal takes Hologic private as the company's COVID-era diagnostics revenue has normalized. MacMillan led the company through expansion of its Panther molecular diagnostics platform into clinical labs. The $12 billion debt load will constrain near-term financial flexibility, likely shaping Almeida's strategic priorities around cash generation and deleveraging versus new investments or acquisitions.
For the diagnostics sector, the transaction removes a publicly traded competitor from earnings-driven quarterly pressures, though debt service requirements will shape operational decisions. Any early portfolio moves—including potential divestitures of Hologic's breast health imaging business or bolt-on acquisitions in molecular diagnostics—will signal the private equity sponsors' thesis for value creation.