Agilent Technologies announced on March 9 2026 that it will acquire clinical pathology firm Biocare Medical in an all‑cash transaction valued at $950 million. The deal, backed by an investor group led by Excellere Partners and GHO Capital, is expected to close by Agilent’s fourth fiscal quarter of 2026.
The acquisition adds a high‑growth pathology business to Agilent’s portfolio, expanding its immunohistochemistry (IHC), in‑situ hybridization (ISH), and fluorescence in‑situ hybridization (FISH) capabilities. By integrating Biocare into its Life Sciences and Diagnostics Markets Group, Agilent expects the transaction to be accretive to top‑line growth, margin profile, and non‑instrument revenue mix in the first year, with earnings per share becoming accretive approximately 12 months after closing.
Biocare has posted double‑digit revenue and profit growth since 2021, generating more than $90 million in revenue in 2025. The company’s growth has been driven by strengthening its core IHC business and expanding into molecular diagnostics through acquisitions, positioning it as a strong partner for Agilent’s diagnostic strategy.
Padraig McDonnell, President and CEO of Agilent, stated: "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." He added: "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." Luis de Luzuriaga, CEO of Biocare, commented: "The acquisition by Agilent is an exciting milestone for Biocare. 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." He further stated: "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."
Investors reacted with mixed sentiment; some welcomed the strategic fit and potential for accelerated innovation, while overall caution remained due to a recent earnings miss and analyst price‑target cuts.
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