Agilent Expands Biopharma Offerings with BIOVECTRA Acquisition
The addition of BIOVECTRA’s biologics capabilities to accelerate drug development and manufacturing will allow Agilent to expand its end-to-end offerings for biopharma services.
Communication between the manufacturing plant and retail stores. | Image Credit: © Cagkan - stock.adobe.com
Agilent Technologies has signed a definitive agreement to acquire BIOVECTRA, a contract development and manufacturing organization (CDMO) based in Canada, for a sum of $925 million. The acquisition agreement was announced in a July 22, 2024 press release (1).
While the transaction is still subject to the customary closing conditions, once closed, Agilent will benefit from BIOVECTRA’s specialized services and will be able to build upon its offerings in three key areas. These areas are expansion of the portfolio of services through adding sterile fill/finish services, plasmid DNA and messenger RNA capabilities, and lipid nanoparticle formulation services; growth in modalities including antibody-drug conjugates, highly potent APIs, and glucagon-like peptide-1 segments; and capabilities to support customer’s gene-editing needs as a single-source provider.
"We look forward to welcoming BIOVECTRA to Agilent," said Agilent President and CEO Padraig McDonnell, in the company’s press release (1). "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," added Oliver Technow, CEO of BIOVECTRA, in the press release (1). "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."
This latest acquisition follows on from the 2019 deal, where an affiliate of H.I.G. Capital, a private equity firm, completed its acquisition of BIOVECTRA from Mallinckrodt Pharmaceuticals (2). Since 2019, BIOVECTRA has pursued strategic growth opportunities, with the latest expansion of capabilities being realized early in 2024.
“BIOVECTRA and H.I.G. Capital developed a fantastic and satisfying partnership. We supported Oliver and his exceptional team to exponentially grow the company’s value through the expansion of its capabilities and workforce, as well as create a diversified customer pipeline,” said Mike Gallagher, managing director of H.I.G. Capital, in a press release (3). “We believe that Agilent is a first-class organization that will help BIOVECTRA grow to even greater heights.”
Agilent will acquire all BIOVECTRA employees and sites, which are located in Prince Edward Island and Nova Scotia, Canada. The transaction is expected to close before 2025.
References
1. Agilent Technologies. Agilent to Acquire North American CDMO BIOVECTRA. Press Release, July 22, 2024.
2. BIOVECTRA. BIOVECTRA Inc. Excited for Continued Growth Under Experienced CDMO Investor, H.I.G. Capital. Press Release, Nov. 4, 2019.
3. BIOVECTRA. Agilent Technologies to Acquire BIOVECTRA Inc., Creating New Synergistic Opportunities to Improve Patient Care. Press Release, July 22, 2024.
