Agilent Technologies announced it has signed a definitive agreement to acquire BIOVECTRA, a leading specialized contract development and manufacturing organization, for $925 million. BIOVECTRA produces biologics, highly potent active pharmaceutical ingredients, and other molecules for targeted therapeutics.
This deal builds on Agilent’s CDMO specialization in oligonucleotides and CRISPR therapeutics in three key areas:
1.) Expands services portfolio – BIOVECTRA offers sterile fill-finish services, pDNA and mRNA capabilities, and lipid nanoparticle (LNP) formulation.
2.) Adds rapidly growing modalities – BIOVECTRA has expertise in fast-growing segments, including antibody drug conjugates (ADCs), highly potent active pharmaceutical ingredients (HPAPIs), and GLP-1.
3.) Brings sophisticated capabilities to support gene editing – BIOVECTRA’s capabilities in biologics combined with Agilent’s expertise in gRNA will provide customers with a single source for gene-editing technology.
BIOVECTRA and Agilent are fully integrated CDMOs with facilities that follow current Good Manufacturing Practices (cGMP), a high standard for methods, facilities, and controls used in manufacturing, processing, and packaging of active pharmaceutical ingredients.
BIOVECTRA supports early-stage clinical development to large-scale commercial manufacturing. And the company currently serves biotech and pharmaceutical companies in North America and Europe.
BIOVECTRA saw $113 million in revenue during 2023 and expects double-digit revenue growth in 2024. And Agilent expects the acquisition to be $0.05 dilutive to non-GAAP EPS in the first full year after closing. Agilent will fund the transaction using cash on hand and debt financing.
The deal is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close before 2025. Upon closing, BIOVECTRA will become part of the Agilent Diagnostics and Genomics Group.
KEY QUOTES:
“We look forward to welcoming BIOVECTRA to Agilent. The company has an outstanding record of innovation, and its employees share our commitment to providing integrated biopharma solutions that continuously deliver more value to customers.”
“Plus, BIOVECTRA’s manufacturing capabilities further expand Agilent’s end-to-end biopharma offerings into new growth vectors, including workflows that seamlessly integrate analytical instrumentation, consumables, and a wide range of lab services.”
– Agilent President and CEO Padraig McDonnell
“BIOVECTRA is excited to join Agilent, a company whose dedication to people and customers is very much aligned with ours. BIOVECTRA has dedicated nearly 55 years to the relentless pursuit of helping our customers solve complex problems that improve patients’ lives. This synergistic pairing of our capabilities with Agilent’s will further enhance the value we can offer to our customers.”
– Oliver Technow, CEO of BIOVECTRA
