Agilent Announces Acquisition of Avida Biomed, Developer of High-Performance NGS Target Enrichment Workflows for Cancer Research

Rhea-AI Summary

Agilent Technologies (NYSE: A) has acquired Avida Biomed, a life sciences firm specializing in target enrichment workflows for cancer research. This acquisition enhances Agilent's SureSelect portfolio and positions the company for expansion in clinical research and diagnostics. Avida's innovative technology allows for simultaneous genomic and DNA methylation profiling from a single sample, improving efficiency. This strategic move will enable Agilent to better support oncology researchers and advance precision medicine applications globally.

Positive

• Acquisition of Avida Biomed enhances Agilent's SureSelect portfolio.
• Strengthens Agilent’s position in the high-growth clinical research and diagnostics markets.
• Avida's technology improves efficiency in genomic profiling, benefiting precision medicine.

Negative

• Integration challenges may arise from merging Avida Biomed's technologies.
• Potential risks related to the demand for new products and services post-acquisition.

Innovative chemistries enable simultaneous genomic and epigenomic profiling on the same sample, yielding greater insights for precision medicine

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Agilent Technologies Inc. (NYSE: A) today announced the acquisition of Avida Biomed, an early-stage life sciences company that develops high-performance target enrichment workflows with unique capabilities for clinical researchers utilizing next-generation sequencing (NGS) approaches to study cancer.

The acquisition complements Agilent’s market-leading SureSelect portfolio and further augments Agilent’s strategy to expand into the high-growth clinical research and diagnostics markets. The chemistries and assays from Avida Biomed are compatible with Agilent’s automation platforms including Magnis and Bravo, which will facilitate efficient scaling of research experiments and routine sample testing.

Avida Biomed’s innovative genomics tools enable simultaneous genomic and DNA methylation profiling from a single sample without compromising sensitivity or specificity. The company’s streamlined assay protocol, which also includes library preparation, can be completed in a single shift enabling fast turnaround of assay results. This automatable workflow has been validated for use with various sample types including liquid biopsy, which has some of the most demanding performance specifications.

“The team of talented scientists and genomics industry veterans at Avida Biomed have created a best-in-class toolset that is highly complementary to Agilent’s existing NGS offerings,” said Sam Raha, president of Agilent’s Diagnostics and Genomics Group. “We are thrilled to welcome the Avida Biomed team to Agilent. We’re also very excited to be able to bring these powerful tools to our oncology customers around the world who are working to improve the understanding of cancer and the diagnosis and treatment of cancer patients.”

Avida Biomed’s technology will enable scientists working in precision medicine to develop new approaches for a variety of applications including biomarker discovery, patient selection for clinical trials, diagnosis and prognosis, therapy selection, and disease recurrence.

“We are honored and excited to join forces with Agilent to bring our technology to market,” said Shengrong Lin, CEO of Avida Biomed. “Target enrichment is key to conducting an in-depth analysis of gene targets of interest. We look forward to combining our resources and expertise to make our tools and techniques widely available to clinical researchers across the globe.”

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 that advance the quality of life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers' most challenging questions. The company generated revenue of $6.85 billion in fiscal 2022 and employs 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn, Twitter and Facebook.

Forward Looking Statements

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 the acquisition brings and the assets’ future uses. 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 quarter ended October 31, 2022. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230104005312/en/

Sarah Litton

+1 669 255 7696

sarah.litton@agilent.com

Source: Agilent Technologies Inc.

FAQ

What is the significance of Agilent's acquisition of Avida Biomed?

The acquisition enhances Agilent's capabilities in clinical research and diagnostics, particularly in cancer studies.

What technologies are involved in the Agilent and Avida Biomed acquisition?

Avida Biomed's technologies allow for simultaneous genomic and DNA methylation profiling, improving precision medicine applications.

How will the acquisition impact Agilent's market position?

The acquisition is expected to solidify Agilent's leading position in the life sciences sector, specifically in oncology.

What are the potential risks associated with the acquisition of Avida Biomed?

Risks include integration challenges and uncertainties in market demand for the new products and technologies.