HologicHologic (NSDQ:HOLX) announced today that it entered into a definitive agreement to acquire diagnostic developer Mobidiag Oy for $795 million.

Finland/France-based Mobidiag develops and markets PCR-based tests for acute care conditions including gastrointestinal and respiratory infections, antimicrobial resistance management and healthcare-associated infections.

Mobidiag’s Amplidiag and Novodiag platforms are automated instruments that deliver rapid turnaround times ranging from 50 minutes to two hours, according to a news release. The Novodiag platform combines real-time PCR and microarray capabilities to provide multiplexing, allowing for multiple pathogens to be identified in a single sample.

Marlborough, Mass.-based Hologic is acquiring the company for an enterprise value of approximately $795 million, which includes a cash payment of approximately $714 million for Mobidiag’s equity and net debt of approximately $81 million.

“One of our key goals is to use our strong cash flow to create a larger, faster-growing company for a post-pandemic world,” Hologic chairman, president & CEO Steve MacMillan said in the release. “Mobidiag provides an exceptional new growth platform, which will generate long-term value by enabling us to enter the acute care market, which is expected to roughly double in the next five years, with a differentiated, highly competitive solution.”

Mobidiag generated approximately $42 million in revenue for calendar 2020. Hologic said it plans to invest in assay development to drive the growth of the Novodiag platform, so the acquisition is expected to be approximately 10¢ dilutive to Hologic’s non-GAAP earnings per share in fiscal 2022, slightly dilutive in 2023 and accretive thereafter.

Hologic plans to finance the acquisition with cash on hand as well as borrowing on its existing line of credit. The deal is expected to close early in the fourth quarter of fiscal 2021.

“We are very excited to join Hologic’s diagnostic business,” Mobidiag CEO Tuomas Tenkanen said. “Hologic’s commercial expertise and scale will drive broader market adoption of our products, and their established U.S. regulatory and market development capabilities will accelerate the introduction of our products and maximize their potential in the United States.”

The acquisition marks the third such deal for Hologic in calendar 2021, as the company has been busy on the M&A front. In January, Hologic bought Somatex for $64 million, followed by the $230 million purchase of Biotheranostics in February and finally the $159 million buy of Diagenode in March.