Agilent Technologies has signed a definitive agreement to acquire precision oncology solutions developer Resolution Bioscience to expand its capabilities in next-generation sequencing (NGS)-based cancer diagnostics.

The latest acquisition will offer Agilent innovative technology to better meet the requirements of the fast-growing precision medicine market.

As part of the deal, Resolution Bioscience will receive $550m in cash at closing from Agilent and is eligible for up to an additional $145m on achieving future performance milestones.

Agilent Technologies president and CEO Mike McMullen said: “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.”

The non-invasive liquid biopsy assay platform of Resolution Bioscience supports the biopharma services market and the clinical oncology diagnostic testing market. It is enabled by the company’s Clinical Laboratory Improvement Amendments (CLIA)-certified lab.

Furthermore, the company’s homologous recombination deficiency (HRD) assay was granted breakthrough device designation by the US Food and Drug Administration (FDA). The assay uses a blood sample to identify actionable gene mutations for cancer detection.

Resolution Bioscience also entered a commercial collaboration with LabCorp to enable wide access to the Resolution ctDx Lung test, which identifies actionable gene mutations linked to non-small cell lung cancer.

Resolution Bioscience president and CEO Mark Li saif: “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.”

Subject to regulatory approvals and customary closing conditions, the deal is anticipated to close next month.

Last month, Agilent launched a new immunoassay kit for the qualitative detection of SARS-CoV-2 immunoglobulin G (IgG) antibodies in human serum or plasma.