Healius Limited has agreed to sell its subsidiary Agilex Biolabs to Novotech for an enterprise value of A$160 million, according to an ASX announcement on 25 September 2026. The transaction represents a significant capital event for the healthcare diagnostics company, delivering approximately $155 million in cash proceeds after separation and transaction costs. The sale will leave Healius in a net cash position and removes a non-core asset from the balance sheet, allowing management to refocus on the company’s core pathology business.
The $160 million price represents 19.8 times Agilex Biolabs’ FY2026 EBITDA of $10.7 million, a multiple reflecting the bioanalytical testing business’s strong market position and customer relationships. The absence of any expected tax impact on Healius meaningfully improves the quality of proceeds. These proceeds are material relative to Healius’ market position and provide substantial optionality for capital allocation decisions.
The sale stems from a formal process initiated in May 2026 following several unsolicited approaches from prospective buyers. Healius determined that disposing of Agilex Biolabs at an attractive price would unlock shareholder value while enabling management to concentrate on growing the core pathology division, which serves millions of Australians with critical diagnostic services. Operating as a standalone business within Healius, Agilex Biolabs did not benefit from integration synergies, making a separate owner more appropriate to maximize its potential.
Novotech is a well-credentialed buyer with significant scale in the clinical research sector. The organisation operates approximately 2,850 people across 39 offices spanning APAC, North America and Europe, and maintains a client base exceeding 1,000 customers since 2021. Majority backing from TPG investment funds provides financial stability. The acquisition allows Agilex to join an established business with deep expertise in serving pharmaceutical and biotechnology clients, potentially creating value through access to Novotech’s broader customer base and research capabilities.
Completion is anticipated during the second half of FY2027, contingent on Foreign Investment Review Board approval and Australian Competition and Consumer Commission clearance. Investors should monitor the approval timeline closely, though the transaction profile appears unlikely to generate significant competition concerns. Once completion occurs, the key variables for Healius shareholders will centre on management’s capital allocation strategy for the proceeds and operational execution within the pathology business to justify the strategic rationale for the divestment. This announcement is price sensitive and has been classified as material by the ASX.
View the full ASX announcement (PDF)
About Healius Limited (ASX: HLS)
Healius Limited is Australia’s second-largest pathology provider, operating a network of pathology laboratories, diagnostic imaging centres, and day hospitals across the country. The company operates through Pathology and Imaging segments, providing medical laboratory services and diagnostic imaging services to patients and healthcare providers. Healius maintains around 2,000 collection sites and nearly 100 pathology laboratories throughout Australia.
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