Agilent Expands Biopharmaceutical Portfolio with Acquisition of BIOVECTRA

Agilent Technologies has signed a definitive agreement to acquire BIOVECTRA, a Canadian-based contract development and manufacturing organization (CDMO), for $925 million. The acquisition agreement was announced in a press release on July 22, 2024 (1).

While the transaction remains subject to customary closing conditions, upon closing Agilent will benefit from BIOVECTRA’s specialized services and will be able to expand its offerings in three key areas. These areas include expanding its service portfolio with the addition of sterile fill/finish services, plasmid DNA and messenger RNA capabilities, and lipid nanoparticle formulation services; growth in modalities including antibody-drug conjugates, highly effective APIs, and glucagon-like peptide-1 segments; and the ability to support customer gene editing needs as a single-source provider.

“We look forward to welcoming BIOVECTRA to Agilent,” said Agilent President and CEO Padraig McDonnell in a company press release. (1) “The company has an outstanding record of innovation, and its employees share our commitment to delivering integrated biopharmaceutical solutions that consistently deliver greater value to customers. In addition, BIOVECTRA’s manufacturing capabilities further expand Agilent’s comprehensive biopharmaceutical offerings with new growth vectors, including workflows that seamlessly integrate analytical instruments, consumables and a broad range of laboratory services.”

“BIOVECTRA is excited to join Agilent, a company whose commitment to people and customers aligns closely with our own,” added Oliver Technow, CEO of BIOVECTRA, in a press release (1). “BIOVECTRA has dedicated nearly 55 years to relentlessly pursuing helping our customers solve complex problems that improve the lives of patients. This synergistic combination of our capabilities with those of Agilent will further enhance the value we can offer our customers.”

The latest acquisition follows a 2019 transaction in which a subsidiary of private equity firm HIG Capital completed the acquisition of BIOVECTRA from Mallinckrodt Pharmaceuticals. (2) Since 2019, BIOVECTRA has been pursuing strategic growth opportunities, with the latest opportunity expansion completed in early 2024.

“BIOVECTRA and HIG Capital have developed a fantastic and rewarding partnership. We have supported Oliver and his exceptional team in growing the company’s value exponentially by expanding its capabilities and workforce, and building a diverse customer pipeline,” said Mike Gallagher, Managing Director of HIG Capital, in a press release. (3) “We believe Agilent is a first-class organization that will help BIOVECTRA scale to even greater heights.”

Agilent will acquire all of BIOVECTRA’s employees and facilities located in Prince Edward Island and Nova Scotia, Canada. The transaction is expected to close before 2025.

Bibliography

1. Agilent Technologies. Agilent acquires North American CDMO BIOVECTRA. Press release, July 22, 2024

2. BIOVECTRA. BIOVECTRA Inc. Excited about continued growth under experienced CDMO investor HIG Capital. Press release, November 4, 2019

3. BIOVECTRA. Agilent Technologies acquires BIOVECTRA Inc., creating new synergistic opportunities to improve patient care. Press release, July 22, 2024