Agilent to Buy Canadian CDMO Biovectra for $925 Million
Santa Clara, CA-based Agilent Technologies has signed a definitive agreement to acquire specialized contract development and manufacturing organization Biovectra from H.I.G. Capital in a move to expand its end-to-end biopharma solutions.
Based in Canada, Biovectra produces biologics, highly potent active pharmaceutical ingredients, and other molecules for targeted therapeutics. The company supports early-stage clinical development to large-scale commercial manufacturing, serving biotech and pharmaceutical companies in North America and Europe.
Agilent’s acquisition of Biovectra enhances its CDMO specialization in oligonucleotides and CRISPR therapeutics. This acquisition expands Agilent’s service portfolio with sterile fill-finish services, pDNA and mRNA capabilities, lipid nanoparticle formulation, antibody-drug conjugates, highly potent active pharmaceutical ingredients, and GLP-1. The combination of Biovectra’s biologics capabilities and Agilent’s gRNA expertise offers customers a comprehensive source for gene-editing technology.
"We look forward to welcoming Biovectra to Agilent," said Agilent President and CEO Padraig McDonnell. "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. Plus, Biovectra's manufacturing capabilities 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."
"Biovectra is excited to join Agilent, a company whose dedication to people and customers is very much aligned with ours," said Oliver Technow, CEO of Biovectra. "Biovectra has dedicated nearly 55 years to the relentless pursuit of helping our customers solve complex problems that improve patients' lives. This synergistic pairing of our capabilities with Agilent's will further enhance the value we can offer to our customers."
Biovectra delivered €104 million ($113 million) in revenue during 2023 and expects double-digit revenue growth in 2024. Agilent will fund the transaction of €850 million ($925 million) using a mix of cash on hand and debt financing. The transaction is expected to close before 2025. Upon closing, Biovectra will become part of the Agilent Diagnostics and Genomics Group.
