10 Jun Third Wave doesn't anticipate major layoffs
Madison, Wis. – Third Wave Technologies, which is to be acquired by the Massachusetts-based Hologic, Inc., does not anticipate significant layoffs as a result of the acquisition, according to a spokesman for the Madison molecular diagnostics company.
The spokesman, John Capodanno, said while the two companies have synergies, they do not anticipate the kind of overlap that would result in major layoffs.
Hologic, based in Bedford, Mass., has agreed to acquire Third Wave for an estimated $580 million. The acquisition is expected to close in the fourth quarter of 2008.
Capodanno said there is the potential for workforce reductions due to overlap in areas like the information technology and accounting staffs, but nothing has been decided. He reiterated Hologic’s plans to keep Third Wave in Madison, and he said Third Wave plans to grow at its facility in University Research Park.
He also said Hologic is looking forward to tapping the life-science talent pool at the University of Wisconsin-Madison, which has master of science program in biotechnology.
With the acquisition of Third Wave, Hologic intends to quickly market the Madison company’s tests for the human papilloma virus once they are approved by the U.S. Food and Drug Administration. HPV has been linked to cervical cancer.
The transaction will be conducted by a tender offer followed by a merger. Capodanno said no decision has been made about how the merged company would be branded, or whether Third Wave would be considered a division or a wholly owned subsidiary of Hologic.
Kevin Conroy, president and CEO of Third Wave, will remain as head of whatever kind of entity Third Wave turns out to be.
In some cases, the identities of both companies involved in a transaction become part of the name. Following the acquisition of Berbee Information Networks by CDW Corp., the Madison company became CDW Berbee.
• Third Wave Technologies acquired by Massachusetts firm Hologic for $580 million