Agilent Technologies Inc., announced it has entered into a definitive agreement to acquire Resolution Bioscience Inc., a leader in the development and commercialization of next-generation sequencing (NGS)-based precision oncology solutions. The acquisition complements and expands Agilent’s capabilities in NGS-based cancer diagnostics and provides the company with innovative technology to further serve the needs of the fast-growing precision medicine market.
Under the terms of the agreement, Agilent will pay $550 million in cash at closing and up to an additional $145 million based on achieving future performance milestones.
Resolution Bioscience’s noninvasive liquid biopsy assay platform supports both the biopharma services market and the clinical oncology diagnostic testing market and is enabled by its Clinical Laboratory Improvement Amendments (CLIA)-certified lab. The platform has been designed for both a centralized CLIA test service and a distributable kit format. In addition, the Resolution Bioscience homologous recombination deficiency (HRD) assay has received Breakthrough Device Designation from the US Food and Drug Administration. The assay is performed on a standard blood sample and detects actionable mutations in genes for identifying cancer. Last year, Resolution Bioscience announced a commercial partnership with LabCorp to enable broad access to the Resolution ctDx Lung test that detects actionable mutations in genes associated with non-small cell lung cancer.
“We are extremely pleased to add Resolution Bioscience’s outstanding team and powerful technology to Agilent’s growing business in precision oncology solutions,” said Mike McMullen, Agilent president and CEO. “By adding Resolution Bioscience’s liquid biopsy-based diagnostic technologies to our portfolio, we are strengthening Agilent’s offering to our biopharma customers and boosting the growth of our diagnostics and genomics business. This also accelerates our strategy to broaden access to precision oncology testing for patients worldwide through distributed NGS-based diagnostic kits. We look forward to Resolution Bioscience joining with us to expand our work in the fight against cancer.”
“Agilent’s broad expertise, global regulatory and commercial infrastructure, extensive partnerships with biopharma companies, and decades-long leadership in precision medicine will enhance and accelerate our groundbreaking work,” said Mark Li, Resolution Bioscience president and CEO. “We are excited to further expand the use of NGS in precision oncology for clinical diagnostics as part of the Agilent team.”
Resolution Bioscience is based in Kirkland, Washington. The company had revenues of approximately $35 million in calendar year 2020 and is expected to generate $50 million to $55 million in revenue this year. The acquisition is expected to be slightly dilutive to Agilent’s non-GAAP earnings per share in fiscal 2021 and 2022, and improving in the following years.
The transaction is expected to close in April, subject to regulatory approvals and customary closing conditions.
Agilent Technologies Inc. is a global leader in the life-sciences, diagnostics, and applied-chemical markets, delivering insight and innovation toward improving the quality of life.
Resolution Bioscience is dedicated to developing a highly sensitive, non-invasive liquid biopsy platform that improves cancer diagnostics and monitoring for patients around the world.