Agilent Sells In Vitro Diagnostic Segment Hycor to Linden
Agilent says IVDs fall outside the core interests of its life science group.!--h2>
Linden has bought Hycor Biomedical from Agilent Technologies. Hycor develops, manufactures, and markets in vitro diagnostic products for allergy, autoimmune, and urinalysis markets.
Agilent acquired Hycor through its acquisition of Stratagene in 2007. “We believe Hycor has great opportunities outside of the Agilent portfolio,” comments Nick Roelofs, president of Agilent’s life sciences group. “Hycor is an innovative, profitable, and growing business, but it does not fit the core focus of our life science business.”
Agilent also provides tools for the communications, electronics, and chemical-analysis markets. The company’s 17,000 employees serve customers in more than 110 countries. It had net revenues of $4.5 billion in 2009.
Founded in 1981 and based in Garden Grove, CA, Hycor’s products are used in clinical laboratories, hospitals, and doctors’ offices worldwide. Among these tests are Hytec, Kova, and Autostat brands.
“The Hycor platform is well-positioned to compete in the high-growth segments of in vitro diagnostics for allergy and autoimmune testing,” states Richard Novak, a Linden operating partner who will serve as chairman of Hycor. “Additionally, Hycor’s market leadership in urinalysis products provides the business an attractive platform for international expansion.”
Linden is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life science industries.