Agilent Acquires Biovectra for $925 MillionAgilent Acquires Biovectra for $925 Million Agilent Technologies announced on Monday its acquisition of Biovectra, a contract medicine maker, for $925 million. The move aims to expand Agilent’s services for biotech companies and medical researchers. Biovectra, based in Canada, provides fill-and-finish services for drugmakers. Additionally, the company specializes in the development of active ingredients for complex drugs and has expertise in rapidly growing areas like GLP-1 weight-loss medications. Agilent has been facing challenges due to weak demand for medical instruments and equipment used in clinical trials, as its biotech customers grapple with funding shortages. The company intends to finance the transaction through a combination of cash and debt. Biovectra will become a part of Agilent’s diagnostics and genomics unit. The acquisition is expected to have a 5 cent dilutive impact on Agilent’s earnings one year after the closing of the Biovectra transaction. Biovectra, previously owned by Mallinckrodt, was acquired by private equity firm HIG Capital in 2019 for $250 million.
(Reuters) – Agilent Technologies (NYSE: ) said on Monday it is acquiring contract medicine maker Biovectra for $925 million, as it looks to expand its service offerings to biotech companies and medical researchers.
Canada-based Biovectra provides fill-and-finish services for drugmakers. The company also has a business that makes active ingredients for complex drugs and has expertise in fast-growing segments such as GLP-1 weight-loss drugs, Agilent said.
Agilent is struggling with weak demand for medical instruments and equipment used in clinical trials as its biotech customers face financing shortages.
The company said it will finance the transaction with a combination of cash and debt financing, adding that Biovectra will become part of its diagnostics and genomics unit.
The deal will have a 5 cent dilutive effect on Agilent’s earnings one year after the Biovectra transaction closes.
Biovectra, formerly a unit of Mallinckrodt (OTC:) was acquired by private equity firm HIG Capital in 2019 for $250 million.
