Agilent Agrees to Buy Pathology Antibody Maker Biocare Medical for $950 Million

Agilent Technologies said on Monday, March 9, that it has agreed to acquire Biocare Medical, a maker of antibodies, reagents and staining instruments used in clinical pathology, in an all-cash transaction valued at $950 million. The seller is an investor group led by private equity firms Excellere Partners and GHO Capital Partners, according to Agilent's release, distributed by Business Wire and read via BioSpace.

What Biocare makes

Biocare sells immunohistochemistry (IHC), in situ hybridization and fluorescence in situ hybridization products, which Agilent said support patient outcomes across oncology and broader clinical pathology. The company has more than 300 specialized antibodies, Agilent said.

Biocare generated more than $90 million in revenue in 2025 and has achieved double-digit annual revenue and profit growth since 2021, according to Agilent. Agilent itself reported revenue of $6.95 billion in fiscal 2025, the release said.

"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," Agilent chief executive Padraig McDonnell said in the release.

Biocare chief executive Luis de Luzuriaga said joining Agilent would let the company "expand our operational scale, accelerate innovation and enhance the level of service we provide to customers and partners."

Deal terms and timing

Agilent said it expects the deal to add to its top-line growth rate, margin profile and the share of its revenue that does not come from instruments in the first year, and to add to earnings per share about 12 months after closing. Agilent said Biocare's U.S. commercial presence complements its own global operations, and that Biocare's product-development capabilities would help it develop and commercialize new in vitro diagnostic antibodies, as Clinical Lab Products also reported.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close no later than Agilent's fourth fiscal quarter of 2026. Biocare will then become part of Agilent's Life Sciences and Diagnostics Markets Group.

Ryan Glaws and Mike Mortimer, managing partners at Excellere Partners and GHO Capital respectively, said in a joint statement that Biocare "has developed into a recognized leading innovator in IHC solutions, improving the diagnosis and treatment of patients."

Barclays is Agilent's financial adviser and Sullivan & Cromwell its legal adviser. Jefferies is the exclusive financial adviser to Biocare, with Ropes & Gray as legal adviser, according to the release.