Medical imaging and security technology provider Analogic has agreed to be acquired by an affiliate of investment firm Altaris Capital Partners for approximately $1.1 billion in cash.
Analogic's board of directors unanimously approved the agreement, which will take the company private. The $84 per share offer was below the $96.05 closing share price on April 10 but 25% higher than the company's closing share price of $67.45 on June 7, 2017 -- the date Analogic announced its plan to consider strategic alternatives.
Over the course of the review process, Analogic's strategic alternatives committee and board considered a comprehensive range of alternatives, including selling the entire company, separating the firm's three business units, and continuing to operate on a standalone basis for the short and long term, the company said. The board ultimately decided that a buyer with the strategic assets of Altaris provides maximum value and is in the best interest of Analogic's shareholders, according to chairman Bernard Bailey.
Altaris had made 34 investments over the past 15 years and has experience in manufacturing medical devices, imaging technologies, and diagnostic equipment, according to Analogic. It will be the 17th Altaris company to design and manufacture medical products regulated by the U.S. Food and Drug Administration (FDA), Analogic said.
The companies expect the deal to be completed in mid-2018, subject to approval by Analogic's stockholders, regulatory approval, and other customary closing conditions.
![Examples of ultrasound findings and techniques. (A) Images in a 39-year-old male patient with a mass in the left thigh. The mass is heterogeneous on the B-mode US image (compared with the patient in D) and showed increased microvascularity (superb microvascular imaging [SMI]) and shear-wave elastography (SWE) values. Undifferentiated pleomorphic sarcoma was diagnosed at biopsy (with pleomorphic rhabdomyosarcoma in surgical specimen). (B) Images in an 18-year-old male patient with a mass in the left leg. The mass is hypoechoic on the B-mode image, with no other findings suggestive of malignancy. The lesion is in contact with the cortex of the tibia, which is slightly irregular. CT revealed a doubtful anteromedial tibial erosion. The microvascular study demonstrated high vascularization, suggestive of malignancy. Periosteal Ewing sarcoma was diagnosed with both histologic and immunohistochemical confirmation. (C) Images in a 69-year-old female patient with a lump growing on the outside of the left leg. Multiple SWE examinations were performed (please note the high values obtained in the measurements, whereas the color map highlights the stiffness relative to adjacent tissues). SMI showed areas of increased vascularization to target for sampling. Undifferentiated spindle cell sarcoma was diagnosed at biopsy, with residual leiomyosarcoma in the surgical specimen after neoadjuvant therapy. (D) Images in a 56-year-old female patient with a mass in the right thigh. The mass is heterogeneous at both B-mode ultrasound (similar to patient A) and MRI (coronal T2-weighted spectral attenuated inversion recovery [SPAIR]; T1-weighted pre-contrast and postcontrast imaging), which even shows uptake after the administration of paramagnetic contrast material, which is traditionally suggestive of malignancy. Low values at SMI and elastography are suggestive of benignity. Spindle cell lipoma was diagnosed at biopsy, with atypical spindle cell lipomatous tumor in the surgical specimen.](https://img.auntminnie.com/mindful/smg/workspaces/default/uploads/2026/08/images-radiol250278fig2.APCFLSvX6p.jpg?auto=format%2Ccompress&dpr=2&fit=crop&h=167&q=70&w=250)
