Third Wave Technologies

About Third Wave Technologies

Third Wave Technologies, Inc. was a molecular diagnostics company founded in 1993, with its headquarters in Madison, Wisconsin. The company was established by scientists to develop diagnostic tests for detecting genetic markers for diseases. A significant milestone for the company was its Initial Public Offering (IPO) on Nasdaq in 2001.

The firm focused on developing and marketing molecular diagnostic products for a range of DNA and RNA analysis applications. Its core technology was the proprietary Invader® chemistry, which served as the foundation for its molecular tests. The company's product portfolio included diagnostic offerings for conditions such as Cystic Fibrosis, Hepatitis C, and cardiovascular risk. A key area of development was its tests for the human papillomavirus (HPV). Third Wave served a client base that included major clinical laboratories in the United States, pharmaceutical and biotechnology companies, and academic research centers. It also established a market presence in Japan and was expanding into Europe.

The business model centered on the sale of its in-vitro diagnostic devices and analyte-specific reagents, which laboratories used to create tests for screening, diagnosis, and monitoring of diseases. In June 2008, Hologic, Inc. announced a definitive agreement to acquire Third Wave Technologies for approximately $580 million. This acquisition was finalized in July 2008, after which Third Wave Technologies operated as a subsidiary of Hologic. Ultimately, Hologic closed the Madison-based Third Wave facility around 2012 following another acquisition.