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On March 9, 2026, Agilent Technologies announced it had entered a definitive agreement to acquire privately held Biocare Medical in an all-cash transaction valued at $950 million. After closing, Biocare will join its Life Sciences and Diagnostics Markets Group. The seller is an investor group led by Excellere Partners and GHO Capital Partners. Biocare generated more than $90 million in revenue in 2025, according to Agilent.
The deal adds Biocare’s pathology portfolio, including automated instrumentation, reagents, and more than 300 specialized antibodies, to Agilent’s existing offering. The transaction is expected to be accretive to Agilent’s top-line growth rate, margin profile, and non-instrument revenue mix in the first year, with EPS accretion expected about 12 months after close. Agilent said Biocare has delivered annual double-digit revenue and profit growth since 2021.
Commercially, the acquisition strengthens Agilent’s position in tissue diagnostics, an area the company already serves through its Dako pathology business. Reuters cited analysts at Evercore ISI and Leerink Partners as saying Biocare’s staining systems and antibody menu fit well with Dako and should improve Agilent’s competitive position against Leica, owned by Danaher, and Roche’s Ventana division.
Agilent CEO Padraig McDonnell said the transaction would help the company serve a broader base of pathology laboratories and expand its U.S. and international customer reach. Reuters also reported McDonnell describing Biocare’s segment as roughly one-quarter of a $10 billion pathology market growing at a mid-to-high single-digit rate. The transaction is expected to close no later than Agilent’s fourth fiscal quarter of 2026, subject to customary conditions and regulatory approvals.
Sources: Reuters, Agilent Technologies
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