Agilent Technologies to acquire Biocare Medical in $950m deal
Agilent Technologies has agreed to acquire pathology solutions provider Biocare Medical in a cash transaction worth $950m.
The acquisition will give life sciences firm Agilent control of California-based Biocare’s immunohistochemistry (IHC), in situ hybridisation (ISH) and fluorescence in situ hybridisation (FISH) solutions that are designed to support improved patient health outcomes across oncology and broader clinical pathology.
With access to these products, Agilent highlighted that it expects the combination of its global operations with Biocare’s US commercial presence to create a stronger platform to better serve a “broader base” of research and clinical customers.
Given that Biocare holds more than 300 specialised antibodies, Agilent added that it also anticipates the acquisition to expand its ability to develop and commercialise new in vitro diagnostic (IVD) antibodies.
Agilent expects the transaction to close by the fourth quarter of its 2026 fiscal year and become accretive to its earnings per share (EPS) approximately 12 months following close. Once the transaction completes, Biocare will become part of Agilent’s Life Sciences and Diagnostics Markets Group (LDG) business segment.
In Q1 of fiscal year 2026, Agilent’s LDG business generated revenue of $679m, indicative of 5% growth year-over-year (YoY).
Agilent CEO Padraig McDonnell said the acquisition of Biocare would enhance the company’s pathology portfolio, with the move resonating with the company’s 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,” McDonnell continued.
Biocare has been under the stewardship of VC firms Excellere Partners and GHO Capital since 2021, having experienced consecutive double-digit growth since the VC firms became the company’s key investors. In 2025, the company generated revenue of $90m.
Biocare CEO Luiz de Luzuriaga commented: “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.”
Should Agilent’s agreement to acquire Biocare go ahead, it will signify the company’s second big-money acquisition in as many years. In September 2024, Agilent completed the $925m acquisition of Canadian contract development and manufacturing organisation (CDMO) BIOVECTRA.
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