Agilent Technologies Inc. announced it has entered into a definitive agreement to acquire Biocare Medical, a global leader in clinical pathology, from an investor group led by Excellere Partners and GHO Capital Partners LLP, in an all-cash transaction valued at $950 million.

Biocare is a high-growth global pathology antibody leader, serving customers with a complementary portfolio of immunohistochemistry (IHC), in situ hybridization (ISH) and fluorescence in situ hybridization (FISH) solutions designed to support improved patient health outcomes across oncology and broader clinical pathology. With more than 300 specialized antibodies and a proven R&D capability, Biocare has achieved annual double-digit revenue and profit growth since 2021 and generated over $90 million in revenue in 2025.

“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,” said Agilent President and CEO Padraig McDonnell. “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.”

“The acquisition by Agilent is an exciting milestone for Biocare,” said Luis de Luzuriaga, CEO of 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.”

In a joint statement, Ryan Glaws and Mike Mortimer, Managing Partners at Excellere Partners and GHO Capital, respectively, said, “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.”

Strategic and Financial Benefits of the Transaction

• Expands Agilent’s Pathology Portfolio with a Highly Complementary Platform and Leading Innovation Capabilities: The addition of Biocare’s complementary IHC antibody, reagent and instrument portfolio enhances Agilent’s immunohistochemistry offering and expands its ability to serve a broad range of pathology labs across clinical and research settings. Biocare has grown robustly in the IHC market and brings proven, efficient new-product innovation capabilities that strengthen Agilent’s capability to develop and commercialize new IVD antibodies.

• Unlocks Growth Through Complementary Commercial Attributes and Geographic Footprints, While Accelerating Menu Development: By combining Agilent’s global operations with Biocare’s strong U.S. commercial presence, the transaction creates a stronger platform to better serve a broader base of research and clinical customers. The combined company will be well positioned to meet diverse testing and throughput needs while accelerating the expansion of Biocare’s antibody portfolio through Agilent’s resources and capabilities.

• Delivers Attractive Financial Benefits: The deal is expected to be accretive to Agilent’s top-line growth rate, margin profile and non-instrument revenue mix in the first year. The transaction is expected to become accretive to Agilent’s EPS approximately 12 months following close. The accretive long-term growth, strategic fit and commercial synergy make the financial returns on the transaction highly attractive.

The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close by no later than Agilent's fourth fiscal quarter of 2026. Upon close, Biocare will become part of the Agilent Life Sciences and Diagnostics Markets Group.