Agilent Technologies announced it has entered into a definitive agreement to acquire Biocare Medical, a global provider of clinical and research pathology solutions, in an all-cash transaction valued at $950 million.
Biocare Medical develops antibodies, reagents, and instruments used in cancer diagnostics and pathology laboratories. The company offers a portfolio spanning immunohistochemistry (IHC), in situ hybridization (ISH), and fluorescence in situ hybridization (FISH) technologies designed to support oncology diagnostics and broader clinical pathology research.
Founded as a specialized developer of antibodies for pathology, Biocare now offers more than 300 antibodies and related solutions to laboratories worldwide. The company has experienced sustained growth, delivering annual double-digit increases in revenue and profit since 2021 and generating more than $90 million in revenue in 2025.
Agilent said the acquisition will expand its pathology portfolio and strengthen its offerings for clinical and research laboratories. Biocare’s antibody, reagent, and instrument capabilities will complement Agilent’s existing immunohistochemistry technologies and help accelerate the development of new in vitro diagnostic antibodies.
The deal is expected to enhance Agilent’s growth profile and improve the mix of recurring non-instrument revenue. The company also expects the transaction to be accretive to its top-line growth rate and margin profile within the first year, with earnings-per-share accretion anticipated approximately 12 months after the deal closes.
Agilent plans to integrate Biocare into its Life Sciences and Diagnostics Markets Group once the acquisition is completed. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by no later than Agilent’s fourth fiscal quarter of 2026.
Biocare Medical is currently owned by an investor group led by Excellere Partners and GHO Capital Partners, which will sell the company to Agilent as part of the transaction.
Support: Advisers on the deal include Barclays as financial adviser and Sullivan & Cromwell as legal adviser to Agilent, while Jefferies served as exclusive financial adviser to Biocare with Ropes & Gray as legal adviser.
KEY QUOTES:
“The acquisition of Biocare enhances Agilent’s pathology portfolio and reflects our strategy to drive long-term growth through customer-centric innovation and disciplined capital allocation. Together, this complementary combination will enable us to better serve our valued pathology customers across clinical and research settings, accelerate innovation and support long-term value creation for our shareholders.”
Padraig McDonnell, President And CEO Of Agilent Technologies
“The acquisition by Agilent is an exciting milestone for Biocare. By joining Agilent and combining our complementary capabilities in cancer diagnostics, we will expand our operational scale, accelerate innovation and enhance the level of service we provide to customers and partners – ultimately benefiting the patients we serve. After years of significant progress, this is the right time to move forward with new ownership aligned with our commitment to product quality, clinical impact and value creation. I would like to thank our investors, Excellere Partners and GHO Capital, whose support and counsel have been instrumental in building Biocare into the company it is today.”
Luis De Luzuriaga, CEO Of Biocare Medical
“Working closely with Luis and the Biocare management team, we have been proud to support their significant growth and success by applying our tried and tested growth playbook and leveraging our deep expertise and network in life science tools and diagnostics to build the company into the successful global business it is today. With its exceptional team and strengthened capabilities, Biocare has developed into a recognized leading innovator in IHC solutions, improving the diagnosis and treatment of patients. As Biocare continues its growth trajectory, we are pleased to have found the right partner in Agilent – one that can utilize its global reach and resources to unlock even greater market access, enhanced customer support and accelerated innovation for Biocare’s customers worldwide.”
Ryan Glaws, Managing Partner At Excellere Partners; And Mike Mortimer, Managing Partner At GHO Capital
