Agilent to Acquire Resolution Bioscience, Strengthening Leadership Position in Cancer Diagnostics
March 02 2021 - 8:00AM
Business Wire
Highlights:
- Resolution Bioscience is a fast-growing, innovative leader in
next-generation sequencing (NGS)-based oncology solutions.
- Combination brings together Resolution Bioscience’s noninvasive
liquid biopsy platform that improves cancer diagnostics with
Agilent’s leadership in tissue-based companion diagnostics and
global commercial and regulatory scale.
- Furthers Agilent’s participation in fast-growing NGS
technologies for precision oncology, expanding Agilent’s
addressable market by $3 billion in 2025 with that figure estimated
to double by 2030.
Agilent Technologies Inc. (NYSE: A), today 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 U.S. 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.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in the
life-sciences, diagnostics, and applied-chemical markets,
delivering insight and innovation toward improving the quality of
life. Agilent instruments, software, services, solutions, and
people provide trusted answers to customers' most challenging
questions. The company generated revenue of $5.34 billion in fiscal
year 2020 and employs 16,400 people worldwide. Information about
Agilent is available at www.agilent.com. To receive the latest
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Agilent on LinkedIn, Twitter, and Facebook.
About Resolution Bioscience
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. The
company has developed and patented core technology for circulating
cell-free DNA NGS analysis. The company is based in Kirkland,
Washington.
Forward Looking Statement
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, statements regarding the
capabilities and expertise the acquisition brings, the ability to
partner with customers, growth of our business and the market,
strategic goals, development of products, projected revenues, the
effect on earnings and the timing of completion of the acquisition.
These forward-looking statements involve risks and uncertainties
that could cause Agilent’s results to differ materially from
management’s current expectations. Such risks and uncertainties
include, but are not limited to, unforeseen changes in the strength
of Agilent’s customers’ businesses; unforeseen changes in the
demand for current and new products, technologies, and services;
unforeseen changes in the currency markets; customer purchasing
decisions and timing, and the risk that Agilent is not able to
realize the savings expected from integration and restructuring
activities. In addition, other risks that Agilent faces in running
its operations include the ability to execute successfully through
business cycles; the ability to meet and achieve the benefits of
its cost-reduction goals and otherwise successfully adapt its cost
structures to continuing changes in business conditions; ongoing
competitive, pricing and gross-margin pressures; the risk that its
cost-cutting initiatives will impair its ability to develop
products and remain competitive and to operate effectively; the
impact of geopolitical uncertainties and global economic conditions
on its operations, its markets and its ability to conduct business;
the ability to improve asset performance to adapt to changes in
demand; the ability of its supply chain to adapt to changes in
demand; the ability to successfully introduce new products at the
right time, price and mix; the ability of Agilent to successfully
integrate recent acquisitions; the ability of Agilent to
successfully comply with certain complex regulations; the adverse
impacts of and risks posed by the COVID-19 pandemic and other risks
detailed in Agilent’s filings with the Securities and Exchange
Commission, including its annual report on Form 10-K for the fiscal
year ended Oct. 31, 2020. Forward-looking statements are based on
the beliefs and assumptions of Agilent’s management and on
currently available information. Agilent undertakes no
responsibility to publicly update or revise any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20210302005282/en/
Media Contact: Tom Beermann +1 408-553-2914
tom.beermann@agilent.com
Investor Contact: Ankur Dhingra +1 408-345-8948
ankur_dhingra@agilent.com
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