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Above and Below the Belt in Women's Health Care: Cytyc buys Proxima

Executive Summary

Cytyc purchased Proxima Therapeutics, a brachytherapy company with a device to treat breast cancer, for $160 million in cash, following on its acquisition last year of Novacept, a manufacturer of a minimally-invasive endometrial ablation device to treat excessive menstrual bleeding. Three years earlier, Cytyc had acquired Pro-Duct Health, developer of a new test to assess the breast cancer risk of an at-risk patient. Cytyc is clearly going in the direction of creating an overall franchise in women's health, integrating diagnostics and therapeutics, both above and below the belt. But investors want to know that deals don't simply represent a piecemeal, opportunistic approach to business development, but that they fit together in a larger context. It's all about leveraging Cytyc's distribution channel in women's health, says CEO Patrick Sullivan.
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