(Alliance News) - Molten Ventures PLC on Tuesday said its portfolio company Hologic Inc has agreed to acquire Endomagnetics Ltd for around USD310 million.

The venture capital firm has been investing in Hologic since 2018. The deal would value its stake in Endomag modestly above its group holding value of GBP35 million, it said.

Endomag is a Cambridge, England-based medical technology company devoted to improving the global standard of care in breast cancer.

Chief Executive Officer Martin Davis said: "This transaction, alongside Perkbox, demonstrates our ability to support innovative businesses as they scale and create value for our shareholders through the cycle.

"The news follows our recent announcement in relation to Perkbox, and reflects the additional momentum being seen in the realisations market. With multiple realisation processes either underway or planned across the portfolio we expect to deliver in the region of [GBP]100 million of capital back to the balance sheet this financial year."

Shares in Molten Ventures were up 6.3% at 277.88 pence each in London on late Tuesday morning.

By Sabrina Penty, Alliance News reporter

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