Blackstone and TPG have revived their interest in acquiring Hologic, the US-based women’s health diagnostics company, in what could become one of the largest healthcare buyouts of 2025, according to Reuters.

Talks between the parties have resumed after being on and off for more than a year, though a deal is not expected within the next month and could still fall through. Market observers note that Hologic’s recent share price weakness and CEO Steve MacMillan’s change-of-control compensation terms could help drive a potential sale. MacMillan stands to receive more than $40m in stock and cash if the company changes ownership.

Blackstone and TPG had earlier tabled a non-binding proposal valuing Hologic at around $16bn, or $70–72 per share including debt, which was rejected by the company. Shares were trading at $66 late Wednesday, giving Hologic a market capitalisation of about $14.7bn.

Despite its softer valuation, Hologic has recently shown operational momentum. The company beat market expectations in the second quarter, raised full-year guidance, and forecast mid-single-digit revenue growth in fiscal 2026. Growth is expected to be supported by new product launches and easing tariff pressures.

Hologic specialises in women’s health diagnostics, including breast and cervical cancer screening and infectious disease testing.

Blackstone, TPG, and Hologic all declined to comment on the ongoing discussions.

If successful, the buyout would rank among the year’s most significant healthcare private equity deals, underscoring sustained appetite for scale transactions in the sector.

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