Healius Ltd (ASX:HLS), one of Australia's leading healthcare companies, 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.

Recent Development

On 25 September 2026, Healius announced the binding sale of Agilex Biolabs to Novotech, a leading clinical research organisation backed by TPG-affiliated Investment funds. The deal is valued at A$160 million enterprise value — equivalent to 19.8x Agilex Biolabs' FY2026 EBITDA on a pre-AASB16 basis (FY26 EBITDA of $10.7 million less the AASB 16 property Lease impact of $2.6 million). Net cash proceeds to Healius are expected to be approximately A$155 million after all separation and transaction costs, with no tax expected on the transaction. Completion is subject to approval by the Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC), with the transaction expected to close in H2 FY2027. Healius commenced exploring a sale of Agilex Biolabs in May 2026, following several unsolicited approaches from credible parties. On completion, Healius expects to be in a net cash position and will provide further guidance on the use of proceeds closer to completion. Agilex Biolabs operates as a standalone Business and the sale will not impact Healius' Pathology operations. UBS Securities Australia is financial adviser and Mallesons is legal adviser to Healius on the transaction.

Share Performance

HLS shares closed at AUD 0.38 on 25 September 2026, up 5.56% (+AUD 0.02) on the day. The strong positive reaction reflects investor approval of the sale price relative to expectations and confidence in the strategic rationale.

About the Company

Healius Ltd is one of Australia's leading healthcare companies, delivering specialty pathology services to consumers and their referring practitioners through a nationwide footprint of more than 8,000 employees. The divestment of Agilex Biolabs sharpens its focus on its core pathology franchise.

Risks and Uncertainties

Completion is contingent on FIRB and ACCC approvals, introducing regulatory timing uncertainty. FIRB review of a Singapore-based acquirer backed by US Private Equity firm TPG could take several months. The transaction is expected to complete in H2 FY2027, meaning investors must wait for proceeds. The use of the approximately A$155 million in net proceeds has not yet been determined by Healius' Board.

Catalysts to Watch

The key catalysts are FIRB and ACCC approvals and subsequent completion. Any guidance from Healius on the proposed use of approximately A$155 million in net proceeds — whether via Capital return, Debt repayment or reinvestment into Pathology growth — will be a significant market event.

Final Word

The A$160 million sale of Agilex Biolabs is a strategically sound decision at an attractive EBITDA multiple. The deal removes a non-core business, delivers a meaningful cash injection and sharpens Healius' focus on Pathology. The key remaining variable is how Healius deploys the proceeds and whether that creates additional value for long-suffering shareholders.