Cytyc to buy women’s contraception company, Adiana, for up to $215M

Cytyc Corporation, a publicly traded company targeting women’s health and cancer diagnostics, said it has agreed to acquire Adiana, a venture-backed Redwood City company that has developed a “non-incisional alternative to tubal ligation” for permanent contraception for women.

Cytyc, based in Marlborough, Mass., will make an initial upfront $60 million cash payment, and depending on milestones, such as whether Adiana’s product meets FDA approval, and sales growth over the next few years, total payments could reach $215 million.

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Over the last decade, Adiana had raised more than $55 million from numerous investors, including Alloy Ventures, Asset Management Co., Boston Scientific Corp., Charter Venture Capital, Delphi Ventures, Forward Ventures, Kaiser Permanente, Oakwood Medical investors, OrbiMed Advisors, Stanford University, and Tullis-Dickerson & Co.

See the statement here.