The all-cash transaction adds more than 300 specialized antibodies and a suite of pathology reagents and instruments to Agilent’s existing portfolio.
Agilent Technologies Inc has entered into a definitive agreement to acquire Biocare Medical, a global clinical pathology company, from an investor group led by Excellere Partners and GHO Capital Partners LLP, in an all-cash transaction valued at $950 million.
Biocare Medical brings a portfolio of immunohistochemistry (IHC), in situ hybridization, and fluorescence in situ hybridization solutions designed to support patient health outcomes across oncology and broader clinical pathology. The company generated over $90 million in revenue in 2025 and has posted annual double-digit revenue and profit growth since 2021, according to a release from Agilent.
“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,” says Padraig McDonnell, president and chief executive officer of Agilent, in a release. “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.”
Expanding IHC Capabilities and Commercial Reach
The deal is expected to bolster Agilent’s immunohistochemistry offering by adding Biocare’s portfolio of more than 300 specialized antibodies, along with its reagent and instrument lines. According to Agilent, Biocare has demonstrated proven, efficient new-product innovation capabilities that are expected to strengthen Agilent’s ability to develop and commercialize new in vitro diagnostic antibodies.
Agilent also says the combination of its global operations with Biocare’s strong US commercial presence will create a broader platform to serve both research and clinical laboratory customers, while accelerating the expansion of Biocare’s antibody menu.
“The acquisition by Agilent is an exciting milestone for Biocare,” says Luis de Luzuriaga, chief executive officer of Biocare, in a release. “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.”
Financial Impact and Deal Terms
Agilent says the transaction is expected to be accretive to its top-line growth rate, margin profile, and non-instrument revenue mix in the first year following close. The deal is also expected to become accretive to Agilent’s earnings per share approximately 12 months after closing.
The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close 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.
Ryan Glaws and Mike Mortimer, managing partners at Excellere Partners and GHO Capital, respectively, noted in a release that Biocare “has developed into a recognized leading innovator in IHC solutions, improving the diagnosis and treatment of patients” and expressed confidence that Agilent’s global reach and resources will unlock greater market access and accelerated innovation for Biocare’s customers worldwide.
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