Excellere Partners and GHO Capital Sell Biocare Medical to Agilent Technologies

Transaction follows significant period of growth under Excellere Partners and GHO Capital stewardship, with annual double-digit revenue and profit growth since 2021

Published on Mar. 9, 2026

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Agilent Technologies, a prominent player in life sciences, diagnostics, and applied chemical markets, has agreed to acquire Biocare Medical, a global leader of immunohistochemistry (IHC), in situ hybridization (ISH) and fluorescence in situ hybridization (FISH) solutions, in an all-cash transaction valued at $950 million. The transaction follows a significant period of growth for Biocare under the ownership of Excellere Partners and GHO Capital Partners, with the company achieving annual double-digit revenue and profit growth since 2021.

Why it matters

The acquisition of Biocare by Agilent aligns with Agilent's strategy of serving the life sciences and diagnostics markets, particularly in the area of cancer diagnostics. The transaction is expected to expand the complementary capabilities of both businesses, enabling Biocare to grow from a position of strength and build on its existing customer solutions while maintaining a strong focus on world-class quality and innovation.

The details

Biocare has grown significantly under Excellere and GHO's ownership, strengthening its core IHC business, expanding into molecular diagnostics via acquisition, and reinforcing its executive leadership. The company has become a recognized specialist in IHC, ISH, and FISH with a high-quality antibody business and strong commercial, regulatory, and R&D capabilities.

  • Since 2021, Biocare has achieved annual double-digit revenue and profitability growth.
  • The transaction is expected to close after the receipt of transaction-related regulatory approvals.

The players

Excellere Partners

A Denver-based private equity firm specializing in partnering with entrepreneurs and management teams.

GHO Capital Partners LLP

A specialist investor in global healthcare, headquartered in London.

Biocare Medical

A global leader of immunohistochemistry (IHC), in situ hybridization (ISH) and fluorescence in situ hybridization (FISH) solutions.

Agilent Technologies

A prominent player in life sciences, diagnostics, and applied chemical markets.

Luis de Luzuriaga

Chief Executive Officer at Biocare Medical.

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What they’re saying

“Working closely with Luis and the Biocare management team, we have been proud to support their significant growth and success by applying our tried and tested growth playbook and leveraging our deep expertise and network in life science tools and diagnostics to build the company into the successful global business it is today.”

— Excellere and GHO (yahoo.com)

“The acquisition by Agilent is an exciting milestone for Biocare. By joining Agilent and combining our complementary capabilities in cancer diagnostics, we will expand our operational scale, accelerate innovation, and enhance the level of service we provide to customers and partners – ultimately benefiting the patients we serve.”

— Luis de Luzuriaga, Chief Executive Officer at Biocare Medical (yahoo.com)

What’s next

The transaction is subject to closing conditions and the receipt of transaction-related regulatory approvals.

The takeaway

The acquisition of Biocare by Agilent represents a significant milestone for the company, as it will enable Biocare to leverage Agilent's global reach and resources to further expand its market access, enhance customer support, and accelerate innovation in the field of cancer diagnostics.