Advanced Instruments to acquire Nova Biomedical for $2.2bn

Advanced Instruments, a Patricia Industries subsidiary, announced on the 19th of March 2025 that it has agreed to acquire Nova Biomedical for a total consideration of $2.2bn. The deal, which remains subject to regulatory approval, is expected to close in the third quarter of 2025. Upon completion of the acquisition, the combined company will operate under the Nova Biomedical name and be led by Byron Selman, current President & CEO of Advanced Instruments. UBS are acting as financial advisors to Advanced Instruments, while Jefferies is advising Nova Biomedical. 

Founded in Waltham, Massachusetts, Nova Biomedical is a global provider of analytical instruments and consumables used across the biopharmaceutical and clinical diagnostics markets. Its innovative portfolio includes point-of-care (PoC) devices for critical care monitoring, as well as sophisticated analytical systems used in drug development and biomanufacturing. Nova Biomedical’s instruments are currently deployed in over 100 countries by leading hospitals and biotech companies. The company employs approximately 1600 individuals globally. 

The strategic rationale behind the deal lies in scale, synergy, and shared vision. The merged platform generated pro forma 2024 revenues of $621mn and has averaged 8% organic sales growth annually over the past decade. The transaction aligns with Patricia Industries’ strategy of building long-term, sustainable businesses that deliver both financial returns and societal value. According to Yuriy Prilutskiy, Co-Head of Patricia Industries, “The combined business will be well-positioned to bring innovative technologies to customers across the clinical and bioprocessing markets, enable patients globally to receive better healthcare and deliver long-term profitable growth.” By combining Nova’s biopharma and hospital diagnostics platforms with Advanced Instruments’ expertise in lab automation and quality control systems, the newly merged entity will create a diversified life sciences tools company with a robust R&D pipeline and expanded global reach 

This acquisition also deepens Advanced Instruments’ exposure to the fast-growing PoC diagnostics market. The global PoC diagnostics market was valued at $44.2bn in 2023 and is expected to reach $68.5bn by 2030, growing at a CAGR of 6.1%. Market growth is driven by aging demographics, rising chronic and infectious disease prevalence, and the increasing adoption of decentralized testing solutions in both developed and emerging markets. Nova Biomedical’s strength in PoC applications positions the new company to capitalize on these secular tailwinds. 

The deal also reflects broader consolidation trends in the diagnostics and life sciences tools sectors. Larger platforms are now being built to address increasingly complex customer needs across research, manufacturing as well as clinical care. With the integration of Nova Biomedical, Advanced Instruments is taking a significant step towards becoming a global, full-service provider of analytical instruments across the healthcare industry. 

Written by: Ethan Lok 

Sources: MergerLinks, Advanced Instruments, Grandview Research