Agilent Technologies Inc. has come to an agreement to procure Biocare Medical, a privately held entity that produces cancer research tools and materials, in a complete cash transaction valued at $950 million.
Following the completion of the transaction, Biocare will integrate into Agilent’s Life Sciences and Diagnostics Markets Group, the company stated in a communication reported by Bloomberg News. The transaction is anticipated to positively impact earnings per share roughly 12 months post completion. Agilent CEO Padraig McDonnell mentioned that this acquisition should boost advancement and generate enduring shareholder worth.
Biocare, situated in the San Francisco Bay Area, boasts a collection of over 300 specialized antibodies. Its earnings surpassed $90 million in 2025. The vendors consist of a group of investors headed by Excellere Partners and GHO Capital Partners.
Biocare CEO Luis de Lusuriaga remarked that the unification with Agilent and the merging of their proficiencies in the oncology diagnostics area will enable the broadening of the business’s scope, accelerate innovation, and enhance the degree of service for customers and partners, which will ultimately aid patients.
Per the company’s declaration, the acquisition will broaden Agilent’s selection of analytical and clinical technologies through Biocare’s offerings, which include antibodies, reagents, and lab equipment, enabling it to cater to a more expansive spectrum of laboratories—both clinical and research-oriented.
The deal is projected to be finalized by the close of Agilent’s fiscal fourth quarter, concluding on Oct. 31. The company’s stock has declined by approximately 15% thus far this year, and its market capitalization stands at roughly $32.5 billion.
It represents Agilent’s most substantial transaction since its $1.17 billion purchase of BioTek Instruments in 2019, according to Bloomberg. In 2024, the Santa Clara, California-based firm also acquired Biovectra for $925 million, thereby growing its enterprise to deliver comprehensive solutions for the biopharmaceutical sector.
Excellere, a Denver-based private equity firm, oversees $2.3 billion in capital across four funds focusing on collaborations with entrepreneurs and management in buyout and recapitalization deals to foster business expansion. GHO, with headquarters in London, functions as a specialized healthcare investment advisor.
Jefferies Financial Group Inc. acted as the financial advisor to Excellere, GHO, and Biocare in this undertaking, while Ropes & Gray LLP served as the legal counsel. Agilent received guidance from Barclays Plc and the law firm Sullivan & Cromwell LLP.
Source: Reuters