Agilent Technologies to Acquire Biovectra for $925 Mn

Upon completion, Biovectra will become part of the Agilent Diagnostics and Genomics Group.

USA’s Agilent Technologies has signed a definitive agreement to acquire Biovectra, a leading specialized contract development and manufacturing organization (CDMO), for $925 million.

Subject to customary closing conditions, including regulatory approvals, the acquisition is expected to close before 2025. Upon completion, Biovectra will become part of the Agilent Diagnostics and Genomics Group.

Based in Canada, Biovectra specializes in producing biologics, highly potent active pharmaceutical ingredients (HPAPIs), and other molecules for targeted therapeutics.

This strategic acquisition will expand Agilent’s service offerings to include Biovectra’s sterile fill-finish services, plasmid DNA (pDNA) and messenger RNA (mRNA) capabilities, and lipid nanoparticle (LNP) formulation.

Sharing thoughts, Padraig McDonnell, president & CEO, Agilent, said, "We look forward to welcoming Biovectra to Agilent. The company has an outstanding record of innovation, and its employees share our commitment to providing integrated biopharma solutions that continuously deliver more value to customers."

McDonnell added that Biovectra's manufacturing capabilities will further expand Agilent's end-to-end biopharma offerings into new growth vectors, including workflows that seamlessly integrate analytical instrumentation, consumables, and a wide range of lab services.

Acquisition Terms

Agilent expects the acquisition to be $0.05 dilutive to non-GAAP EPS in the first full year after closing. The transaction will be funded using a mix of cash on hand and debt financing.

With this deal, Biovectra brings expertise in fast-growing segments such as antibody-drug conjugates (ADCs), HPAPIs, and GLP-1. Its capabilities in biologics, combined with Agilent's expertise in guide RNA (gRNA), will provide customers with a comprehensive source for gene-editing technology.

Both Biovectra and Agilent are fully integrated CDMOs with advanced facilities that adhere to current Good Manufacturing Practices (cGMP), ensuring high standards in the manufacturing, processing, and packaging of active pharmaceutical ingredients.

"Biovectra is excited to join Agilent, a company whose dedication to people and customers is very much aligned with ours. This synergistic pairing of our capabilities with Agilent's will further enhance the value we can offer to our customers,’’ Oliver Technow, CEO, Biovectra stated.

Founded in 1970, Biovectra was originally known as Diagnostic Chemicals. The global biotech and pharmaceutical CDMO specializes in clinical-to-commercial scale production capabilities for biologics, small molecules, bioreagents, lipids, pDNA, mRNA, and LNP manufacturing and fill-finish for drug products.

It supports early-stage clinical development to large-scale commercial manufacturing and serves biotech and pharmaceutical companies in North America and Europe. Reportedly, Biovectra delivered $113 million in revenue during 2023 and expects double-digit revenue growth in 2024.

Agilent Technologies, on the other hand, was founded in 1999 by Hewlett-Packard. It provides instruments, software, services, and consumables for laboratories, focusing on life sciences, diagnostics, and applied chemical markets.

Agilent aims to advance the state of knowledge in life sciences, diagnostics, and chemical analysis through innovation and research. The company serves customers in over 110 countries and continues to expand its technological capabilities and market reach.

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