Agilent Technologies to Acquire Biocare Medical in $950 Million Deal

Agilent Technologies has announced that it has agreed to acquire pathology solutions provider Biocare Medical in a cash transaction valued at $950 million.

Through the acquisition, Agilent will gain access to Biocare’s portfolio of immunohistochemistry (IHC), in situ hybridisation (ISH) and fluorescence in situ hybridisation (FISH) technologies, which are used to support improved patient outcomes in oncology and clinical pathology.

Agilent said the combination of its global operational capabilities with Biocare’s strong commercial presence in the United States is expected to create a more robust platform to serve a broader range of clinical and research customers.

Biocare’s portfolio includes more than 300 specialised antibodies, and Agilent expects the acquisition to further strengthen its ability to develop and commercialise new in vitro diagnostic (IVD) antibodies.

The transaction is expected to close in the fourth quarter of Agilent’s fiscal year 2026 and is projected to become accretive to earnings per share (EPS) approximately 12 months after completion. Following the acquisition, Biocare Medical will be integrated into Agilent’s Life Sciences and Diagnostics Markets Group (LDG).

During the first quarter of fiscal year 2026, Agilent’s LDG segment generated $679 million in revenue, representing 5% year-over-year growth.

Agilent CEO Padraig McDonnell said the acquisition would strengthen the company’s pathology portfolio and aligns with its broader 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 Medical has been backed by venture capital firms Excellere Partners and GHO Capital since 2021, during which time the company has reported consistent double-digit growth. In 2025, Biocare generated $90 million in revenue.

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.”

If the deal is completed, it will mark Agilent’s second major acquisition in two years. In September 2024, the company finalised the $925 million acquisition of Canadian contract development and manufacturing organisation (CDMO) BIOVECTRA.