By Sahil Pandey and Bageshri Banerjee
March 9 (Reuters) – Life sciences firm Agilent Technologies said on Monday that it will acquire privately held clinical pathology firm Biocare Medical in an all-cash deal valued at $950 million.
Agilent said Biocare’s tissue diagnostic products for cancer and infectious diseases will be integrated into its Life Sciences and Diagnostics Markets unit, expecting the move to lift revenue growth and profitability within the first year.
Agilent CEO Padraig McDonnell said Biocare brings more than 300 specialized antibodies and strong new-product capabilities, helping Agilent “better serve a broader base of pathology labs” while expanding its U.S. and international customer reach.
The deal fits neatly with Agilent’s Dako pathology business, which makes antibodies, instruments and software, among other products, said Evercore ISI analyst Vijay Kumar.
Leerink Partners’ Puneet Souda said Biocare’s staining machines and catalog of more than 300 antibodies would strengthen Agilent’s capabilities that help pathologists identify cancer and infections in tissue slides.
Biocare’s portfolio would also help Agilent compete better against products from Danaher’s Leica unit and Roche’s Ventana division, Souda added.
The laboratory equipment maker will acquire California-headquartered Biocare from Excellere Partners and GHO Capital Partners, and the deal is expected to close by the fourth quarter of fiscal 2026.
McDonnell added that the acquisition fits Agilent’s strategy of disciplined M&A, calling Biocare “exactly the kind of asset we target,” and said it strengthens the company’s position in a roughly $10 billion pathology market; “the market segment where Biocare Medical operates is about a quarter of that and is growing at mid-to-high single digits.”
Agilent had reported first-quarter results in February that were largely in line with estimates, signaling stable demand for its medical tools and other equipment.
(Reporting by Sahil Pandey, Bageshri Banerjee and Gursimran Kaur in Bengaluru; additional reporting by Kamal Choudhury; Editing by Sherry Jacob-Phillips, Rashmi Aich, Vijay Kishore and Alan Barona)
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