Agilent Technologies announced that it has entered into a definitive agreement to acquire Biocare Medical from an investor group led by Excellere Partners and GHO Capital Partners LLP. The all-cash transaction is valued at $950 million.
Biocare Medical is a leading provider of immunohistochemistry (IHC) instrumentation, as well as a full range of reagents for IHC and molecular testing. IHC provides increased confidence at critical diagnostic decision points, improving patient therapy while accelerating turnaround time.
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 $6.95 billion in 2025 and employs 18,000 people worldwide.
The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close by no later than Agilent’s fourth fiscal quarter of 2026. Upon close, Biocare will become part of the Agilent Life Sciences and Diagnostics Markets Group.
Barclays is serving as financial adviser, Sullivan & Cromwell LLP is serving as legal adviser and Joele Frank is serving as strategic communications adviser to Agilent. Jefferies is serving as exclusive financial adviser; Ropes & Gray LLP is serving as legal adviser and ICR Healthcare is serving as strategic communications adviser to Biocare.
According to data captured in the LevinPro HC database, this marks the 24th Laboratories, MRI and Dialysis transaction of 2026, and the 15th deal announced in the diagnostics specialty. Throughout all of 2025, there were 138 Laboratories, MRI and Dialysis transactions, 72 of which were in the diagnostic subsector.
