Agilent Technologies agreed on October 13 to buy Proscia for $240 million in cash, with up to $30 million more tied to performance milestones. Agilent expects the deal to close early in its 2027 fiscal year, which starts November 1.
Proscia sells Concentriq, a digital pathology platform. Its Concentriq AP-Dx version is FDA cleared to help pathologists view and interpret scanned surgical pathology slides for primary diagnosis, is licensed by Health Canada, and is CE marked under the EU IVDR. Proscia says it reaches more than 4,000 hospitals, laboratories and clinics and works with 16 of the top 20 pharmaceutical companies. Evercore ISI put trailing twelve month revenue above $18 million, growing more than 20 percent.
The two have sold together since a multi-year distribution agreement signed in September 2022. Agilent CEO Padraig McDonnell said digital pathology is becoming the foundation for pathology data generation, analysis and application, and called Proscia a high-growth, high-margin software business.
That price is roughly 13 times trailing revenue for a software company whose diagnostic claim already carries a 510(k). Strategics pay that multiple for the cleared indication and the installed base behind it, not for the image viewer.