Agilent Technologies (NYSE:A) moved to significantly expand its clinical oncology presence on Monday, announcing an all-cash deal for Biocare Medical that adds a high-growth portfolio of cancer-staining antibodies and reagents.
The company signed a definitive agreement to acquire Biocare Medical, a leader in clinical pathology, from an investor group led by Excellere Partners and GHO Capital Partners.
The transaction, valued at $950 million, underscores Agilent’s strategy to pivot toward high-margin diagnostics and non-instrument revenue streams.
Biocare Medical, headquartered in California, is a major provider of immunohistochemistry (IHC) and molecular pathology solutions.
The company reported more than $90 million in revenue for 2025 and has maintained double-digit annual growth in both revenue and profit since 2021.
Its portfolio includes over 300 specialized antibodies and automated instrumentation used by clinical labs to diagnose cancers and other diseases.
The deal is expected to be accretive to Agilent’s top-line growth and margin profile in its first full year.
Upon closing, which is anticipated by the end of Agilent's fourth fiscal quarter of 2026, Biocare will be integrated into the Agilent Life Sciences and Diagnostics Markets Group (LDG).