Agilent Technologies has struck a deal to acquire clinical pathology specialist Biocare Medical for $950 million in cash, expanding its diagnostics portfolio and strengthening its position in cancer testing and pathology solutions.

 

The agreement will see Biocare — currently owned by investors including Excellere Partners and GHO Capital Partners LLP — join Agilent’s Life Sciences and Diagnostics Markets Group once the transaction closes.

 

Biocare is a fast-growing player in clinical pathology antibodies, offering a portfolio of immunohistochemistry (IHC), in situ hybridization (ISH) and fluorescence in situ hybridization (FISH) diagnostic solutions used in oncology and other disease testing. The company markets more than 300 specialized antibodies and has delivered double-digit annual revenue and profit growth since 2021, generating over $90 million in revenue in 2025.

 

Agilent leadership said the deal strengthens the company’s diagnostics capabilities and supports its long-term growth strategy.

 

“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,” said Agilent President and CEO Padraig McDonnell. 

 

“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.”

 

Biocare CEO Luis de Luzuriaga described the deal as a major milestone for the company and an opportunity to expand its reach in cancer diagnostics.

 

“The acquisition by Agilent is an exciting milestone for Biocare,” said Luis de Luzuriaga, CEO of 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. 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. I would like to thank our investors, Excellere Partners and GHO Capital, whose support and counsel have been instrumental in building Biocare into the company it is today.”

 

Investors behind Biocare said the company’s growth and innovation positioned it well for the next phase under Agilent’s global platform.

 

In a joint statement, Ryan Glaws and Mike Mortimer, Managing Partners at Excellere Partners and GHO Capital, respectively, said, “Working closely with Luis and the Biocare management team, we have been proud to support their significant growth and success by applying our tried and tested growth playbook and leveraging our deep expertise and network in life science tools and diagnostics to build the company into the successful global business it is today. 

 

"With its exceptional team and strengthened capabilities, Biocare has developed into a recognized leading innovator in IHC solutions, improving the diagnosis and treatment of patients. As Biocare continues its growth trajectory, we are pleased to have found the right partner in Agilent – one that can utilize its global reach and resources to unlock even greater market access, enhanced customer support and accelerated innovation for Biocare’s customers worldwide.”

 

The acquisition will significantly expand Agilent’s pathology portfolio by adding Biocare’s antibody, reagent and instrument offerings, strengthening its immunohistochemistry capabilities and supporting the development of new in-vitro diagnostic antibodies.

 

The combined business is expected to benefit from Agilent’s global operations and Biocare’s strong U.S. commercial presence, creating a broader platform to serve clinical and research laboratories while accelerating development of new diagnostic tests.

 

Agilent said the deal should boost revenue growth, improve margins and increase non-instrument revenue mix within the first year, with earnings per share expected to turn accretive about 12 months after closing.