BD’s M&A Soars as COVID-19 Testing Demand Explodes

Becton Dickinson & Company (BD) is determined to have the most announced deals in one year, isn’t it? The Franklin Lakes, N.J.-based company said it had completed the acquisition of Scanwell Health, a specialist in smartphone-enabled at-home medical tests.

This makes eight deals the company has announced this year. The Scanwell Health acquisition, which for an undisclosed sum, stands out because it strengthens BD’s COVID-19 testing capabilities.

There is also a huge demand for diagnostics especially at-home testing because of the Omicron variant. Demand is so strong that President Joe Biden is expected to have half a billion at-home tests sent to the public to fight the surging variant, according to a report from The Guardian.

BD and Scanwell are no strangers. Earlier this year, BD announced a collaboration to create an at-home rapid test for SARS-CoV-2 using a BD antigen test and the Scanwell Health mobile app.

Scanwell will become the foundational digital platform upon which BD plans to develop at-home diagnostic tests for a range of infectious diseases including COVID-19/influenza A+B, group A strep, and an additional menu for detecting infections and managing chronic disease.

"The COVID-19 pandemic has accelerated the shift to new care settings, and BD is ready to deliver a smart, connected at-home diagnostic ecosystem to support traditional and telehealth providers and consumers," said Dave Hickey, president of Life Sciences for BD. "This acquisition will enable us to expand and scale our digital capabilities in-house to speed time to market for transformative at-home solutions now and in the future."

BD is coming close to tying Boston Scientific’s record of 10 deals about three years ago. The Marlborough, MA-based company’s healthy M&A appetite helped it nabbed Editor’s Choice for Company of the Year in 2018.