Agilent to acquire Biovectra for $925M, sees dilution

Agilent announced it has signed a definitive agreement to acquire Biovectra, a specialized contract development and manufacturing organization, for $925M. Based in Canada, Biovectra produces biologics, highly potent active pharmaceutical ingredients, and other molecules for targeted therapeutics. Biovectra supports early-stage clinical development to large-scale commercial manufacturing. The company currently serves biotech and pharmaceutical companies in North America and Europe. Biovectra delivered $113M in revenue during 2023 and expects double-digit revenue growth in 2024. Agilent expects that the acquisition will be 5c 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. 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.