Blackstone and TPG have renewed talks over a possible acquisition of women’s health diagnostics specialist Hologic, in what could become one of the largest healthcare private equity transactions of 2025, according to a report by Reuters citing an unnamed source familiar with the matter.
Discussions have been on and off for more than a year, with the firms previously floating a non-binding offer in May that valued the Marlborough, Massachusetts-based business at around $16bn including debt. Hologic rejected that approach, but a recent dip in its share price and CEO Steve MacMillan’s $40m change-of-control package are seen by investors as potential catalysts for a deal.
Hologic, which develops breast and cervical cancer screening products as well as infectious disease tests, is valued at roughly $14.7bn at its current share price of $66. The company has shown improving performance in molecular diagnostics and interventional breast care, recently beating earnings expectations and lifting guidance for fiscal 2026.
Blackstone and TPG are said to be conducting due diligence, although no transaction is imminent. Both firms declined to comment.
