Agilent Technologies Inc. announced that it has signed a definitive agreement to acquire BIOVECTRA, a specialized contract development and manufacturing organization (CDMO), for $925 million.
BIOVECTRA produces biologics, highly potent active pharmaceutical ingredients and other molecules for targeted therapeutics. BIOVECTRA delivered $113 million in revenue during 2023 and expects double-digit revenue growth in 2024, according to a July 22 press release on BusinessWire.
Agilent provides bio-analytical solutions and services to the life sciences, diagnostics and genomics, chemical analysis, communications and electronics industries worldwide. Its global headquarters is in Santa Clara, California. Agilent was established in 1999 as a spin-off from Hewlett-Packard. It generated revenue of $6.83 billion in 2023 and employs 18,000 people worldwide, according to the same BusinessWire press release.
The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close before 2025. Upon close, BIOVECTRA will become part of the Agilent Diagnostics and Genomics Group. Agilent expects that the acquisition will be $0.05 dilutive to non-GAAP EPS in the first full year after closing. Agilent will fund the transaction using a mix of cash on hand and debt financing.
According to data captured in the LevinPro HC database, this transaction represents the 19th CDMO transaction of 2024. There were 21 CDMO deals announced during 2023, and 38 announced during 2022.
