GHO Capital Invests in Biocare Medical, A Global Leader in Oncology-focused Diagnostic Reagents and Instrumentation

  • investment to accelerate growth amid an increasing market demand for Immunohistochemistry instruments and reagents
  • Management will leverage GHO’s extensive healthcare expertise to accelerate R&D, product launches and international expansion
  • GHO in partnership with existing investor Excellere Partners will continue to support the Biocare Medical team in accelerating strategic growth initiatives

LONDON–(BUSINESS WIRE)–Global Healthcare Opportunities, or GHO Capital Partners LLP, the European specialist investor in global healthcare, announces its investment in Biocare Medical (“Biocare”), a leading developer of world-class immunohistochemistry (“IHC”) and in situ hybridization (“ISH”) reagents for cancer diagnosis and chromosomal profiling. Existing investor Excellere Partners, a US-based private equity firm shall remain a significant partner in the company alongside GHO.

With increased investment from GHO and Excellere, Biocare will focus on maintaining its outstanding reputation for scientific expertise, quality and innovation, continuing to grow its core reagent focused product and service portfolio to meet increased customer and industry demand. Additionally, Biocare will look to expand the development and penetration of its instrument offering to further deliver a full suite of reagents and hardware to customers across the globe.

Established in 1997 and based in California, USA, Biocare provides a best-in-class portfolio of IHC and molecular reagents, including tissue-conserving simultaneous multiplex solutions and a comprehensive suite of advanced instruments across the clinical, research and biopharma industries. Renowned for its market leading innovation and quality, the business has experienced rapid and consistent growth since inception, operating within an attractive subsector forecast to hit nearly $3.5 billion within the next five years.

With a shift to precision medical treatment increasing the demand for testing and diagnostics, Biocare is set to accelerate its growth as the next generation of bio-marker focused oncology trials aim to tackle a higher prevalence of chronic disease driven by ageing populations.

Luis de Luzuriaga, CEO of Biocare, said: “We are very pleased to be working closely with GHO and Excellere to accelerate our focus and investment in R&D in order to deliver on our ambitious portfolio expansion targets. With GHO, we have found a strong specialist partner to complement our existing capital partner, both of whom truly understand our business, and are excited to support the next chapter of Biocare’s strategic vision and growth.”

The Partners at GHO Capital, added“We are delighted to have the opportunity to partner with both the Excellere and Biocare teams. Biocare has developed a unique leading proposition with a standout reputation for scientific expertise, quality and innovation. We have been impressed by the rapid growth to date and the strength of the Biocare management team. We share their strategic vision of continuing to expand not only the reagent focused portfolio but also the instrument offering giving access to recurring contracts. We look forward to providing input and support in helping the team deliver on both their ambitious organic and geographic expansion plans.”

Ryan Glaws, Managing Partner with Excellere, added: “We are thrilled to have the opportunity to partner with GHO in our continued support of Luis and the Biocare team. Biocare’s best-in-class portfolio of IHC and molecular reagents combined with both full and semi-automated instrumentation solutions position the company well for continued growth in a highly attractive global market.”

Ropes & Gray acted as legal advisor to GHO, Oliver Wyman as commercial advisor, Alvarez and Marsal as financial and tax due diligence advisor, Deloitte LLP as structuring advisor, ERM as ESG adviser and CRS as insurance advisor.

Jefferies LLC acted as the exclusive financial advisor to Excellere and Biocare, Hogan Lovells served as legal advisor, and Houlihan Lokey served as financial accounting due diligence advisor. Varagon Capital Partners, L.P. remains as Administrative Agent and Madison Capital as Joint Arranger on the debt capital to Biocare.

About Biocare Medical
Biocare is a market leader in IHC and molecular diagnostic reagents and instrumentation, including simultaneous Multiplex IHC solutions that provide increased confidence at critical diagnostic decision points, positively influencing patient therapy while accelerating turnaround time. The company’s customers include clinical and hospital laboratories, pharmaceutical and biotechnology companies, as well as academic, government, and other research institutions. Biocare offers a comprehensive portfolio of integrated reagents and instrumentation to address the rapidly growing diagnostic and research markets for oncology and immunotherapy. The company is headquartered in Pacheco, CA, and serves customers around the globe. Visit to learn more.

About GHO Capital
Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. We apply global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value. Our proven investment track record reflects the unrivalled depth of our industry expertise and network. We partner with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit

About Excellere Partners
Excellere Partners is a Denver-based private equity firm that specializes in partnering with entrepreneurs and management teams through recapitalizations and management buyouts. Excellere employs a proven research-driven, top-down investment strategy, and supports its management teams with a proprietary value creation process designed to enhance operational infrastructure for scalability and accelerated growth. The firm’s targeted industry sectors include healthcare, industrial growth, and business services. For more information from Excellere, please visit

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