Agilent Technologies has agreed to acquire pathology solutions provider Biocare Medical in an all-cash transaction valued at $950m.
The acquisition will give life sciences company Agilent California-based BioCare control of immunohistochemistry (IHC), in situ hybridization (ISH) and fluorescence in situ hybridization (FISH) solutions designed to support improved patient health outcomes across oncology and a wide range of pathologies.
With access to these products, Agilent clarified that it expects to combine its global operations with Biocare’s US commercial presence to create a stronger platform to better serve a “broad base” of research and clinical customers.
Given that Biocare has more than 300 unique antibodies, Agilent added that it also expects the acquisition to expand its ability to develop and commercialize new in vitro diagnostic (IVD) antibodies.
Agilent expects the deal to close in the fourth quarter of its 2026 fiscal year and be accretive to its earnings per share (EPS) approximately 12 months later. Once the transaction is completed, Biocare will become part of Agilent’s Life Sciences and Diagnostics Markets Group (LDG) business.
In Q1 of fiscal 2026, Agilent’s LDG business generated revenue of $679m, representing 5% year-over-year (YoY) growth.
Agilent CEO Padraig McDonnell said the acquisition of BioCare will enhance the company’s pathology portfolio, a move that is in line with the company’s strategy to “drive long-term growth through customer-focused innovation and disciplined capital allocation”.
“Together, this complementary combination will enable us to better serve our valued pathology customers in clinical and research settings, accelerate innovation and support long-term value creation for our stakeholders,” continued McDonnell.
Biocare has been under the tutelage of VC firms Excellere Partners and GHO Capital since 2021, which has experienced continuous double-digit growth since the VC firms became key investors in the company. By 2025, the company will generate $90 million in revenue.
Luis de Luzuriaga, CEO of Biocare, commented: “After years of significant development, it is the right time to move forward with new ownership in line with our commitment to product quality, clinical impact and value creation.”
If Agilent’s deal to acquire Biocare goes through, it would mark the company’s second big money acquisition in as many years. In September 2024, Agilent completed the $925 million acquisition of Canadian contract development and manufacturing organization (CDMO) BIOVECTRA.
