Novotech buys Agilex Biolabs from Healius in ~$70M deal
What's the deal? Australian pathology group HealiusDealroom has a profile for this one. Try Dealroom → (ASX: HLS) is selling its clinical research subsidiary Agilex BiolabsDealroom has a profile for this one. Try Dealroom → to a subsidiary of Novotech Health HoldingsDealroom has a profile for this one. Try Dealroom → for US$64.7M (roughly $70 million). Novotech is majority controlled by funds affiliated with private equity firm TPG CapitalDealroom has a profile for this one. Try Dealroom →.
What each side does: Agilex is an Adelaide-based bioanalytical laboratory business. Novotech provides clinical research services to biotechnology and pharmaceutical companies globally.
The terms: Healius expects net cash proceeds of US$100.3M after separation and transaction costs, with no tax payable. The enterprise value represents 19.8 times Agilex's FY26 EBITDA of US$5.24M.
Why now? The sale follows a formal process launched in May 2026, after Healius received several unsolicited approaches for the business. Agilex posted a strong FY26, with reported EBITDA up 67.2% to US$6.92M and revenue rising 14.1% to US$28.2M.
What's the endgame? Healius is sharpening its focus on core pathology operations. "Healius will continue to execute on its strategies to grow and improve its core pathology business," says chief executive officer Paul Anderson.
For Agilex, joining Novotech offers access to "an established and global business," Anderson says. The turnaround that lifted its value stemmed from a pivot toward large molecule bioanalytical work and exiting loss-making toxicology services.
What could go wrong? Completion remains subject to approval from the Foreign Investment Review Board, given Novotech's foreign private equity backing.
The signal: The deal reflects a wider push among diversified health groups to shed non-core assets, while private equity-backed players consolidate specialist clinical research capabilities.
Read more: businessnewsaustralia.com
Image credit: foteih
