Hologic is aiming for the clouds for its next collaboration – the Google cloud to be exact.
The Marlborough, MA-based company said on Monday it was entering into a multi-year agreement that will integrate the Google Cloud machine learning technologies with the Genius Digital System. Financial terms of the collaboration were not disclosed.
The goal of the collaboration is to use artificial intelligence to enhance the screening of cervical cancer. Hologic said its expectation is that the Genius Digital Diagnostics System will derive even more actionable insights from cytology slides for cytotechnologists and pathologists.
Genius Digital Diagnostics is CE-marked for diagnostics in Europe, however, the technology is not available in the U.S.
“Through this collaboration with Hologic, we are helping to evolve digital diagnostics by complementing their expertise in diagnostics and AI with our expertise in machine learning,” Joe Miles, Managing Director of Google Cloud Healthcare and Life Sciences said in a release. “We are further bringing to life our two organizations’ shared commitment to reimagining digital diagnostic capabilities for laboratories and healthcare providers across the globe, ultimately enabling them to better serve their patients.”
It can be argued that 2020 was a major turning point for Hologic. The company got its groove back with a renewed focus on women’s health and was able to turn into an earnings juggernaut because of COVID-19 testing offerings.
The firm carried the momentum over into 2021 with acquisitions. In early January, the company announced it was acquiring Somatax Medical Technologies for $64 million. The addition of the Berlin, Germany-based company would help expand Hologic’s breast health solutions.
The firm went on to announce it would acquire Biotheranostics, a private company that provides diagnostic tests for breast and metastatic cancers, for $230 million.
During a recent earnings call, Hologic’s Chairman, President, and CEO Steve MacMillan spoke on the company’s most recent M&A (including the firm’s August acquisition of Acessa).
“The acquisitions of Acessa and Somatex demonstrate the final reason we will be stronger after the pandemic, the ability to use the healthy cash flow that COVID tests are generating to step up our business development activities,” MacMillan said according to a Seeking Alpha transcript of the call. “The pending, $230 million acquisition of Biotheranostics, which we announced earlier this month, is another good example of this strategy. Biotheranostics, a leader in molecular tests for breast and metastatic cancers, enables us to expand into the adjacent growth market of oncology.”