Agilent Technologies Inc. (NYSE: A) is reversing course and selling Kirkland-based cancer test maker Resolution Bioscience to Exact Sciences Corp. (Nasdaq: EXAS).
The deal, announced Tuesday, comes after Santa Clara, California-based Agilent, a lab equipment and services company, in August said it was shutting down Resolution.
The move was going to result in 64 workers losing their jobs starting at the end of October, according to a Worker Adjustment and Retraining Notification filed in Washington.
An Exact spokesperson didn't specify exactly what would happen to the 64 workers scheduled to be laid off but said in a statement to the Business Journal that Exact is "in the very early stages of this acquisition" and "we expect no changes in Kirkland at this time."
The spokesperson added Exact is poised to bring Resolution's technology to the market because of its sales team and centralized lab. As for Resolution's office space in Kirkland, the spokesperson said Exact doesn't plan for any changes.
Exact, headquartered in Madison, Wisconsin, also makes cancer detection tests. The company makes tests for colorectal, liver and breast cancer, as well as a test to determine hereditary risk for cancer. Exact and Agilent didn't disclose financial terms of the deal.
Resolution's tech is aimed at both clinics and biotech companies. Its tests detect different mutations that cause cancer. The company was founded in 2012, according to its LinkedIn page.
Agilent acquired Resolution in 2021 for $550 million cash and an additional up to $145 million for hitting certain milestones. According to Agilent, Resolution generated about $35 million in revenue in 2020. In its quarterly earnings call in August, however, Agilent CEO Mike McMullen said the market didn't develop as expected, and Agilent didn't see a way for Resolution to become profitable.
Agilent was founded in 1999. The company provides products for cell analysis, mass spectrometry and cloning, among others, and also offers lab consulting services and software. Agilent had roughly 18,100 employees as of October 2022.
"We are pleased that Exact Sciences is acquiring Resolution Bioscience," an Agilent spokesperson said in a statement to the Business Journal. "This agreement will enable the talented Resolution Bioscience team to continue their work advancing diagnostic solutions for their customers and patients, a very positive outcome of this transaction."
