Healius (ASX:HLS) Agrees to Sell Agilex Biolabs to Novotech for A$160 Million Enterprise Value

Sonal Goyal

25 September 2026 11:01 AM AEST

Healius (ASX:HLS) Agrees to Sell Agilex Biolabs to Novotech for A$160 Million Enterprise Value

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Key Highlights

• Healius has entered a binding agreement to divest Agilex Biolabs Pty Ltd to a Subsidiary of Novotech Health Holdings Pte Ltd for an Enterprise value of A$160 million, representing a 19.8x multiple of FY2026 EBITDA on a pre-AASB16 basis.

• The transaction is expected to generate cash proceeds of approximately $155 million after separation and transaction costs, with no tax expected to be incurred by Healius in relation to the sale.

• Completion is anticipated during H2 FY2027, subject to approval from the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC).

• On completion, Healius is expected to be in a net cash position; the Company will provide further details on its Capital management intentions closer to completion.

Healius Limited (ASX:HLS) announced on 25 September 2026 that it has entered into a binding agreement to sell its wholly owned subsidiary, Agilex Biolabs Pty Ltd, to a subsidiary of Novotech Health Holdings Pte Ltd for an enterprise value of A$160 million. The transaction is described as representing a multiple of 19.8 times Agilex Biolabs' FY2026 EBITDA on a pre-AASB16 basis. FY2026 EBITDA for Agilex Biolabs was $10.7 million less the AASB16 property Lease impact of $2.6 million.

After accounting for all separation and transaction costs, and subject to typical closing adjustments relating to working capital, cash, and debt, the transaction is expected to Yield approximately $155 million in net cash proceeds. Healius stated that it does not anticipate incurring any tax Liability in connection with the transaction. UBS Securities Australia Limited is acting as financial adviser, with Mallesons providing legal advice to Healius.

Regulatory Conditions and Timeline

Completion of the transaction remains subject to customary regulatory conditions. These include approval from the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC). Healius expects the transaction to complete during H2 FY2027, subject to the satisfaction of all conditions. The timing may be subject to variation depending on the pace of regulatory review.

Strategic Rationale for the Sale

Healius initiated a formal process to explore the sale of Agilex Biolabs in May 2026, following the receipt of several unsolicited approaches from credible parties. The Board concluded that a disposal of Agilex Biolabs at a sufficiently attractive price would unlock Shareholder value and allow management to redirect focus toward the ongoing growth of Healius' core Pathology business.

Agilex Biolabs operates as a standalone Business unit within the Healius group. The Company confirmed that the sale will not affect Healius' Pathology operations, which provide clinical diagnostic services to millions of Australians annually. The divestment is therefore framed as a portfolio rationalisation exercise rather than a distressed asset sale.

Following completion of the sale, Healius stated that it will be in a net cash position. The Company indicated it will assess its capital requirements and provide further detail on its plans for the sale proceeds closer to the completion date. This leaves open the question of whether proceeds will be directed toward dividends, share buybacks, Debt reduction, or reinvestment in the core Pathology business.

About the Acquirer: Novotech

Novotech Health Holdings Pte Ltd is a leading clinical research organisation (CRO) providing a full suite of services across the Drug Development value chain, operating across all trial phases and sizes. The company has a customer base exceeding 1,000 clients since 2021 and employs approximately 2,850 people across 39 offices in the Asia-Pacific, North America, and European regions. Novotech is majority controlled by private investment funds affiliated with TPG.

The Acquisition of Agilex Biolabs is expected to bolster Novotech's bioanalytical capabilities in Australia. Agilex Biolabs has established a scientific reputation in the Australian market over many years, and the combination is presented as bringing together leading bioanalytical science and research capabilities within Novotech's broader clinical research infrastructure.

Closing Perspective

The agreed enterprise value of $160 million and the anticipated net proceeds of approximately $155 million represent a meaningful Liquidity event for Healius. The 19.8x EBITDA multiple signals a premium valuation for a standalone bioanalytical laboratory business. The transaction's completion in H2 FY2027 is contingent on regulatory approvals, introducing execution risk and timing uncertainty. Investors will be monitoring the FIRB and ACCC review process, as well as Healius' subsequent capital allocation decisions, as key factors in determining how this divestment ultimately benefits shareholders.

FAQs

Q: What is the enterprise value of the Agilex Biolabs sale?

A: The agreed enterprise value is A$160 million, representing a 19.8x multiple of Agilex Biolabs' FY2026 EBITDA on a pre-AASB16 basis.

Q: How much in net proceeds will Healius receive?

A: After all separation and transaction costs, and subject to working capital and debt adjustments, Healius expects to receive approximately $155 million in net cash proceeds.

Q: When is the transaction expected to complete?

A: Completion is expected during H2 FY2027, subject to FIRB and ACCC approval.

Q: Will the sale of Agilex Biolabs affect Healius' Pathology operations?

A: No. Agilex Biolabs operates as a standalone business. The sale is not expected to affect Healius' Pathology services.

Q: What will Healius do with the sale proceeds?

A: Healius has not yet specified how proceeds will be deployed. The Company indicated it will assess its capital requirements and provide further details closer to the transaction completion date.

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