NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Life Sciences Research Reagents and Supplies Sector Outlook — September 2026

This report prices nine life sciences research reagent and supply companies on forward revenue, splits the sector into four valuation groups, and reviews recent reagent-business acquisitions. For corporate development and finance teams tracking sector valuation and M&A.

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Key figures

9.1x
Sector median multiple
EV / Revenue, CY2027E consensus
13.7x
Faster-growth cohort
EV / Revenue, growth above 10%
5.8x
Slower-growth cohort
EV / Revenue, growth below 10%
$11.3B
Bio-Techne transaction value
Merck KGaA agreed acquisition, 2026

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HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › LIFE SCIENCES RESEARCH REAGENTS AND SUPPLIES

Research Reagents: The Premium Sits with Growth

How the market is pricing nine research reagent and supply businesses on forward revenue, what separates the two ends of the range, and what recent buyers agreed to pay for whole companies.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Nine life sciences research reagent and supply companies do not trade as one market: six carry a usable forward revenue estimate, and the sector median sits at 9.1x EV/Revenue on CY2027E consensus. The three fastest-growing names command 13.7x versus 5.8x for the three slower ones, and reagent-catalog and consumables businesses price well above benchtop instrument platforms. Two 2026 acquisitions—Repligen's agreement for BioLife Solutions and Merck KGaA's agreement to acquire Bio-Techne—both targeted repeat-order consumable businesses, consistent with where the public market is paying up.

Key findings

  • Nine companies trade under one label but split into four distinct valuation groups.
  • Faster-growing names command 13.7x forward revenue versus 5.8x for the rest.
  • Reagent catalogs price well above benchtop instrument platforms in this set.
  • Both 2026 acquisitions targeted repeat-order consumable businesses, not instruments.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › LIFE SCIENCES RESEARCH REAGENTS AND SUPPLIES

    Cover page introducing the Life Sciences Research Reagents and Supplies sector outlook, dated September 2026.

    We're opening with this sector as of September 28, 2026, valued primarily on EV/Revenue for CY2027E. Everything that follows unpacks that framing into groups, drivers and deals.

    Everything on this page

    HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › LIFE SCIENCES RESEARCH REAGENTS AND SUPPLIES Research Reagents: The Premium Sits with Growth How the market is pricing nine research reagent and supply businesses on forward revenue, what separates the two ends of the range, and what recent buyers agreed to pay for whole companies. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Table of contents listing the report's five sections plus appendix.

    We've structured this deck so section one carries the full argument, and each section after it builds out the evidence behind it. If you only have time for one section, start there — everything else supports it.

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    CONTENTS What This Report Covers 01 The Bottom Line Four Kinds of Business, One Sector Label, and a Wide Gap Between Them 02 The Landscape What Each Group Sells, and Where the Market Marks It 03 Valuation & Situations This Set Does Not Trade as One Market 04 Precedent Transactions Buyers Have Reached into the Reagent Catalog, and Paid Full Prices 05 Strategic Implications What This Market Rewards, and What You Can Move from Inside 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Life Sciences Research Reagents and Supplies Trades as Four Businesses, and the Faster Growers Hold the Top

    Summarizes the finding that the sector splits into four valuation groups, with faster growers priced highest.

    This is the whole story in one page: six of nine companies carry a usable forward revenue estimate, and the sector median sits at 9.1x. The premium end of the range consistently tracks the faster-growing, repeat-order names, while placement-stage instrument businesses sit at the bottom. So what: growth quality, not just growth rate, is what buyers are pricing here.

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    01 · THE BOTTOM LINE Life Sciences Research Reagents and Supplies Trades as Four Businesses, and the Faster Growers Hold the Top The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Revenue Is the Lens This Set Can Be Read On Forward revenue on CY2027E is the working lens here: 6 of the 9 companies carry a usable estimate, while only 2 of 9 carry a meaningful forward EBITDA, too few to form a middle value. The middle of the range sits at 9.1x. 2 The Top of the Range Sits with the Faster Growers Split at 10% forward growth, the three faster-growing names with an estimate sit at 13.7x forward revenue against 5.8x for the three slower ones. On six paired values that is an association, not a tested relationship; a forward multiple already credits forecast growth, so a premium that survives it points to durability. 3 Reagent Catalogs and Instrument Boxes Are Marked Apart The discovery reagent and platform group is marked at 19.8x, on the one name in it with a forward estimate; the benchtop instrument platform group is marked at 0.6x, also on one name with an estimate. The wider spread on this page runs between repeat-order consumable businesses and placement-stage instrument businesses. 4 Buyers Agreed to Pay Above the Middle of This Set In 2026 Repligen Corporation agreed terms for BioLife Solutions, Inc. at 14.4x revenue, and Merck KGaA, Darmstadt, Germany agreed to acquire Bio-Techne Corporation for $11.3B. Both were agreed within two months of each other, and both targets sell repeat-order product rather than capital instruments. 9.1x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because only 2 of 9 names carry a meaningful forward EBITDA 16.7x Premium end EV/Revenue vs 3.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/Revenue — the spread the report explains 11 Transactions with disclosed terms 20 recorded in this tier · 2 told as case studies, the full list in the appendix

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    SECTION 02

    02

    Divider introducing the market-map section on what each group sells and where it's priced.

    Next we break the sector into what each group actually sells — reagent catalogs, assay kits, benchtop platforms and their surrounding supply businesses. This sets up how the market marks each one differently.

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    SECTION 02 02 THE LANDSCAPE What Each Group Sells, and Where the Market Marks It Reagent catalogs, assay kits, benchtop platforms and the supply businesses around them. 02 of 06 Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    Reagent Developers Carry a Third of the Set and the Top of the Pricing Range

    Shows nine approved companies grouped by business segment with median EV/Revenue per group.

    Reagent developers hold roughly a third of this set and sit at the top of the pricing range. The group-level medians here are calculated only on rated names, so the comparison is apples to apples. So what: the label 'reagents and supplies' hides real pricing separation by what a company actually sells.

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    02 · MARKET MAP Reagent Developers Carry a Third of the Set and the Top of the Pricing Range 9 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DISCOVERY RESEARCH REAGENT AND PLATFORM DEVELOPERS 3 cos 19.8x · 1 rated TWST NAUT SEER Three of the nine companies, 33% of the set, and the group holding the top of the pricing range on the one name in it with a forward estimate. RESEARCH AND TRANSLATIONAL ASSAY KITS AND REAGENTS 2 cos median 7.2x TMO ILMN Two scaled catalog franchises whose repeat reorder revenue is the underwriting evidence practitioners look at first. BENCHTOP RESEARCH INSTRUMENT PLATFORMS AND THEIR DEDICATED CONSUMABLES 2 cos 0.6x · 1 rated QTRX QSI Placement-stage platforms where the value case rests on consumable pull-through from the installed base. ADJACENT MODELS 2 cos median 11.7x BLFS TKNO Supply and manufacturing businesses attached to the workflow rather than to the assay itself.

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    02 · LANDSCAPE

    One Sector Label, Four Groups, and a Wide Spread in What Buyers Will Pay

    Presents the segment view of the approved universe with EV/Revenue medians on rated names.

    One sector label covers four distinct groups, and the spread in what buyers will pay across them is wide. We've kept the group medians to rated names only, so each number reflects only companies the platform could confidently value. So what: a single sector-level multiple would hide this spread entirely.

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    02 · LANDSCAPE One Sector Label, Four Groups, and a Wide Spread in What Buyers Will Pay Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Discovery research reagent and platform developers 3 33% 19.8x n=1 Twist Bioscience Corporation (TWST) · Nautilus Biotechnolgy, Inc. (NAUT) · +1 more The top of the range. Twist Bioscience Corporation (TWST), Nautilus Biotechnolgy, Inc. (NAUT) and Seer, Inc. (SEER) build the reagents and platforms that discovery workflows are written around. The group is marked at 19.8x forward revenue on the one name in it with an estimate, alongside 22% forward growth at Twist Bioscience Corporation (TWST). Research and translational assay kits and reagents 2 22% 7.2x Thermo Fisher Scientific Inc. (TMO) · Illumina, Inc. (ILMN) Scaled catalogs, repeat reorders. Thermo Fisher Scientific Inc. (TMO) and Illumina, Inc. (ILMN) sell into validated protocols, where the cost of revalidation is what holds an account in place. The pair is marked at 7.2x forward revenue, below the middle of the set, with single-digit forward growth on both names. Benchtop research instrument platforms and their dedicated consumables 2 22% 0.6x n=1 Quanterix Corporation (QTRX) · Quantum-Si incorporated (QSI) Placements awaiting the pull-through. Quanterix Corporation (QTRX) and Quantum-Si incorporated (QSI) sell instruments whose economics depend on the consumable stream that follows the placement. The group is marked at 0.6x forward revenue on the one name with an estimate, the bottom of this page's range, and Quantum-Si incorporated (QSI) carries -54% forward growth. Adjacent models 2 22% 11.7x BioLife Solutions, Inc. (BLFS) · Alpha Teknova, Inc. (TKNO) Attached to the workflow. BioLife Solutions, Inc. (BLFS) and Alpha Teknova, Inc. (TKNO) supply the media, reagents and manufacturing capacity around the assay rather than the assay itself. The pair is marked at 11.7x forward revenue, above the middle of the set, on two names with estimates.

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    03

    Divider introducing the public market valuation section.

    This set does not trade as one market — nine companies sit here, and only six carry a forward revenue estimate. The next pages show exactly how wide that valuation gap runs.

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    SECTION 03 03 VALUATION & SITUATIONS This Set Does Not Trade as One Market Nine companies on the page, six of them with a forward revenue estimate. 03 of 06 Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    Buyers Price This Sector in Two Tiers, a Premium End and a Discount End, and the Gap Is Wide

    Ranks the six rated companies by EV/Revenue (CY2027E), showing a premium tier and a discount tier around the sector median.

    Buyers are pricing this sector in two clear tiers, with a wide gap between the premium end and the discount end. We're using EV/Revenue as the lens because only two of nine companies carry a meaningful forward EBITDA estimate. So what: quoting one sector multiple from memory would misprice either tier.

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    03 · PUBLIC MARKET VALUATION Buyers Price This Sector in Two Tiers, a Premium End and a Discount End, and the Gap Is Wide EV / Revenue (CY2027E) · all 6 rated companies, sorted descending · sector median 9.1x · EV/Revenue is the lens because only 2 of 9 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.7x CORE · median 9.1x DISCOUNT · median 3.2x Sector median 9.1x WHAT SEPARATES THE TWO ENDS The top end sells growth. The two names at the premium end carry a median 16.7x forward revenue, against 3.2x for the two at the discount end. Nine companies sit on this page and six of them carry a forward estimate, so each end is two names — read the gap as the shape of the spread, not as a census. A forward lens already credits growth. The lens is EV / Revenue on CY2027E, which builds forecast growth into the denominator before the multiple is struck. A premium that survives that test points to durability in the consumable stream rather than to one strong forecast year. Size is not the divider. The largest business by enterprise value in this set sits at the discount end, and a far smaller one sits at the premium end, so the spread runs along something other than scale. Across the six names with a forward estimate, the faster forward growers are the ones at the top of the range.

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    03 · VALUATION DRIVERS

    Where Growth Shows up, so Does the Higher Multiple

    Compares median EV/Revenue by revenue-growth cohort for the rated names with estimates.

    Where growth shows up, the multiple follows it — the split here is an association we observe in the data, not a proven cause. We've held the margin-based cut back on this page since the covered set doesn't have both growth and margin data available together. So what: a durable growth premium in a forward multiple is worth testing case by case, not assuming.

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    03 · VALUATION DRIVERS Where Growth Shows up, so Does the Higher Multiple Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 10% · EBITDA-margin split at n/a The Faster-Growing Half of the Set Sits at the Top of the Range Split at 10% forward growth, the three names above the line carry a median 13.7x forward revenue against 5.8x for the three below. That is an association across six paired values, not a tested relationship, and it should be read as the shape of the market rather than as a rule. Margin Could Not Be Tested Against Price Across This Set Only 2 of the 9 companies carry both a forward multiple and a forward margin, too few to form a split. The pricing evidence on this page therefore rests on the growth line, with profitability visible in parts of the set but not rankable against price here. Repeat Consumable Revenue Is What the Higher Marks Sit Alongside The groups selling repeat-order reagents and media are marked above the middle of the set, and the group selling benchtop instrument placements is marked below it. Attach rate and consumable pull-through per installed instrument are the operating measures behind that difference, and both sit inside an owner's control. End-Market Mix Is Where the Demand Risk Is Carried Academic and government demand moves with grant cycles, while biopharma and bioproduction demand moves with pipeline decisions and capital availability. The spread on this page is consistent with buyers marking industrial reorder revenue differently from placement-stage instrument revenue.

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    03 · SITUATION MAP

    Margin and Valuation Move Together Across Much of the Set, and Part Company for the Rest

    Maps rated companies by EV/Revenue versus the sector median against EBITDA margin versus the covered median.

    Margin and valuation move together across much of this set, though they part company for some names. Three rated names without a margin figure aren't mapped here, so this view covers only companies with both measures available. So what: this is a way to place a specific company in context, not a recommendation on any security.

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    03 · SITUATION MAP Margin and Valuation Move Together Across Much of the Set, and Part Company for the Rest Cut on EV / Revenue vs the sector median (9.1x) (rows) and EBITDA margin vs the covered median (26%) (columns) · 3 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, Earning Up Above-median multiple · above-median EBITDA margin 1 names BioLife Solutions, Inc. (BLFS) BioLife Solutions, Inc. (BLFS) is the one mapped name above the middle on both axes, carrying a 26% EBITDA margin alongside premium-end pricing. It is also the target of a pending transaction in this record. Priced up, Earning Below Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Earning up, Priced Below Below-median multiple · above-median EBITDA margin 1 names Illumina, Inc. (ILMN) Illumina, Inc. (ILMN) carries a 29% EBITDA margin with an 8.7x forward revenue mark, inside the middle band of the set. Margin depth on its own has not carried this name to the top of the range. Below on Both Below-median multiple · below-median EBITDA margin 1 names Thermo Fisher Scientific Inc. (TMO) Thermo Fisher Scientific Inc. (TMO) sits below the middle on both axes, with 7% forward growth and discount-end pricing. Scale and catalog breadth are visible in the business and are marked below the set's middle here.

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    03 · THE AGENDA

    The Higher Mark Sits with Revenue Mix and with Where the Next Dollar of Capital Goes

    Frames the questions an owner or acquirer should resolve about revenue mix and capital allocation.

    The higher mark in this set sits with revenue mix and with where the next dollar of capital goes. These are framed as open questions for an owner or acquirer to work through against their own numbers. So what: the data points to what to ask, not a single answer that fits every company.

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    03 · THE AGENDA The Higher Mark Sits with Revenue Mix and with Where the Next Dollar of Capital Goes NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Convert Placements into Repeat Pull-Through The benchtop instrument group carries the bottom of this page's range, while the repeat-order reagent and media businesses sit above the middle. Attach rate, consumables per installed instrument and reorder cadence are the operating measures that separate the two. What changes the answer: A rising recurring consumable share of revenue on a flat installed base. Decide How Far to Take Regulated-Grade Qualification Research-use-only product and bioproduction-qualified product are underwritten differently, since qualified capacity and documented change control lengthen a customer's switching cycle. The capital and quality-system cost of that move is a capital allocation call. What changes the answer: Regulated-grade revenue growing faster than the catalog as a whole. Weight the End-Market Mix Toward Steadier Budgets Academic and government demand moves with grant cycles; biopharma and bioproduction demand moves with pipeline decisions. Knowing which accounts carry the reorder base tells you how much of your revenue resets with someone else's budget. What changes the answer: A shift in the share of reorders coming from industrial accounts. Choose Between Catalog Breadth and Workflow Depth Buyers in this transaction record have taken both wide reagent catalogs and single-workflow platforms. Breadth spreads the reorder base across purchasing relationships; depth concentrates it in protocols that are expensive to revalidate. What changes the answer: Customer concentration moving against you as one workflow scales.

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    04

    Divider introducing the precedent transactions section.

    Buyers have reached into the reagent catalog and paid full prices for it. Nine transactions sit on record here, two of them agreed in 2026 — the next pages walk through what buyers actually paid.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Reached into the Reagent Catalog, and Paid Full Prices Nine transactions recorded in total, two of them agreed in 2026. 04 of 06 Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    The Transaction Record Shows Buyers Reaching Above the Middle of This Range for Whole Companies

    Profiles two disclosed transactions as case studies against the wider precedent list in the appendix.

    The transaction record shows buyers reaching above the middle of this valuation range for whole companies. In 2026, Repligen agreed terms for BioLife Solutions at 14.4x revenue, and Merck KGaA agreed to acquire Bio-Techne for $11.3B — both were repeat-order consumable businesses, not instrument platforms. These multiples sit on LTM financials at announcement, not directly comparable to the CY2027E public basis shown elsewhere. So what: recent buyers have paid up specifically for the kind of revenue quality this deck keeps returning to.

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    04 · DEAL CASE STUDIES The Transaction Record Shows Buyers Reaching Above the Middle of This Range for Whole Companies 2 of 11 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jun-2026 $11.3B Merck KGaA, Darmstadt, Germany acquires Bio-Techne Corporation EV / LTM revenue 7.3x EV / LTM EBITDA 26.6x WHY THE DEAL HAPPENED A diversified life science platform acquiring a reagent and assay business suggests an interest in catalog depth and repeat reorder revenue that can be pulled through a distribution channel the buyer already runs. At this size it reads as a core franchise addition rather than a tuck-in. HOW THE TARGET WAS VALUED The disclosed value is $11.3B, struck at 7.3x revenue and 26.6x EBITDA. That revenue multiple sits above the earlier Sigma-Aldrich and Life Technologies Corporation marks in this record and below the Abcam plc mark. Jul-2026 $1.5B Repligen Corporation Repligen Corporation moves on BioLife Solutions, Inc. in a pending transaction. EV / LTM revenue 14.4x EV / LTM EBITDA 60.3x WHY THE DEAL HAPPENED A tools and supplies buyer acquiring a consumables business suggests an interest in repeat-order product adjacent to workflows the buyer already serves. The target is one of the two names at the premium end of the pricing range on this deck. HOW THE TARGET WAS VALUED The recorded value is $1.5B, at 14.4x revenue and 60.3x EBITDA. That is the highest revenue multiple among the transactions in this record, and it sits close to the marks at the premium end of the company set.

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    05

    Divider introducing the strategic implications section.

    What does this market reward, and what can you move from inside your own business? Revenue quality, end-market mix and qualified capacity are the levers the next page works through.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What This Market Rewards, and What You Can Move from Inside Revenue quality, end-market mix and qualified capacity are the levers on this page. 05 of 06 Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    This Market Pays up Where Margin and Growth Show up Together

    Sets out the questions this data raises for owners, management teams and acquirers over the next twelve months.

    This market pays up where margin and growth show up together, and the implications differ by seat at the table. Owners can work the repeat-order share of revenue; management teams can hold margin while growth runs; acquirers can look at where recent deals have gone. So what: the same data supports three different action plans depending on which side of the table you're on.

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    05 · STRATEGIC IMPLICATIONS This Market Pays up Where Margin and Growth Show up Together NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS The Repeat-Order Base Is the Asset the Mark Sits On Groups selling repeat consumables sit above the middle of this range and the placement-stage instrument group sits below it. Revenue quality — recurring consumable share, reorder cadence, the share spec'd into validated protocols — is the mix you can move between now and the next planning cycle. FOR MANAGEMENT TEAMS Growth and Margin Are Read Together on This Page Across the three mapped names, the above-middle mark came alongside an above-middle margin in the single case available. Holding gross margin by product family while growth runs is the harder operating path, and it is the one this set's range is consistent with. FOR ACQUIRERS Recent Transactions Have Favoured Catalog and Qualified Capacity The two 2026 transactions in this record took a scaled reagent catalog and a consumables supply business, both consumable-led. Earlier transactions in the record went to diversified platforms adding product lines they could pull through an existing channel.

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    06

    Divider introducing the appendix covering comparables, transactions and methodology.

    Everything behind the figures in this deck sits in this section — the full comparables universe, every recorded transaction, and the methodology used to build the report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Lists all rated and unrated public comparables on EV/Revenue (CY2027E), shaded by valuation tier.

    This page carries every company behind the group and situation views shown earlier, sorted by tier against the sector median. Three of the nine names aren't rated here because they lack an eligible EV/Revenue figure. So what: this is the full comparable set a client can check any earlier chart against.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (9.1x); amber marks below · 6 rated companies; 3 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.7x · median 16.7x · 2 companies Twist Bioscience Corporation TWST Discovery research reagent and platform developers $11.1B 19.8x 22% n/a n/a BioLife Solutions, Inc. BLFS General laboratory consumables and research supplies $1.8B 13.7x 19% 26% n/a CORE — 6.5x–12.7x · median 9.1x · 2 companies Alpha Teknova, Inc. TKNO Adjacent: specialty and generic drug manufacturing $503M 9.6x 13% n/a n/a Illumina, Inc. ILMN Research and translational assay kits and reagents $42.5B 8.7x 6% 29% n/a DISCOUNT — <6.5x · median 3.2x · 2 companies Thermo Fisher Scientific Inc. TMO Research and translational assay kits and reagents $292B 5.8x 7% 26% 32 Quanterix Corporation QTRX Benchtop research instrument platforms and their… $102M 0.6x 4% n/a 12

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, with multiples on LTM financials at announcement.

    This is the complete list of disclosed transactions behind the case studies shown earlier, ordered from most recent. The multiples here sit on LTM financials at announcement and are not directly comparable to the CY2027E public basis used elsewhere in the deck. So what: this is the record to check any specific deal against.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (20 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2026 Repligen Corporation → BioLife Solutions, Inc. $1.5B 14.4x 60.3x Repligen Corporation agreed terms for BioLife Solutions, Inc. in Jul-2026, struck at 60.3x EBITDA on the recorded figures. The transaction is pending as recorded. Jun-2026 Merck KGaA, Darmstadt, Germany → Bio-Techne Corporation $11.3B 7.3x 26.6x Merck KGaA, Darmstadt, Germany announced the acquisition of Bio-Techne Corporation in Jun-2026 at 26.6x EBITDA. It is the largest disclosed value in this record. Oct-2023 Standard BioTools Inc. → SomaLogic, Inc. n/a 1.2x n/a Standard BioTools Inc. completed its acquisition of SomaLogic, Inc. in Oct-2023 at 1.2x revenue, the lowest revenue multiple among the transactions in this record. Aug-2023 Danaher Corporation → Abcam plc n/a 10.1x n/a Danaher Corporation announced the acquisition of Abcam plc in Aug-2023 at 10.1x revenue, moving a catalog of research reagents into a diversified tools platform. Mar-2018 Danaher Corporation → Integrated DNA Technologies, Inc. n/a n/a 24.2x Danaher Corporation announced the acquisition of Integrated DNA Technologies, Inc. in Mar-2018 at 24.2x EBITDA, among the higher earnings multiples in this record. Jan-2016 Thermo Fisher Scientific Inc. → Affymetrix, Inc. n/a n/a 20.4x Thermo Fisher Scientific Inc. announced the acquisition of Affymetrix, Inc. in Jan-2016 at 20.4x EBITDA, adding arrays and their dedicated consumables to an existing catalog. Sep-2014 Merck KGaA → Sigma-Aldrich n/a 5.7x n/a Merck KGaA announced the acquisition of Sigma-Aldrich in Sep-2014 at 5.7x revenue, a breadth-of-catalog transaction with the purchasing relationship attached. Apr-2013 Thermo Fisher Scientific Inc. → Life Technologies Corporation n/a 3.9x n/a Thermo Fisher Scientific Inc. announced the acquisition of Life Technologies Corporation in Apr-2013 at 3.9x revenue, one of the larger reagents-and-instruments combinations in this record. Jul-2012 Thermo Fisher Scientific Inc. → One Lambda, Inc. n/a 5.1x 10.9x Thermo Fisher Scientific Inc. announced the acquisition of One Lambda, Inc. in Jul-2012 at 5.1x revenue and 10.9x EBITDA, a specialty assay line joining a diversified catalog.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the full list of precedent transactions with disclosed terms, newest first.

    This page continues the same transaction list, still ordered newest first on the same LTM-at-announcement basis. Together with the prior page, it covers every disclosed-terms transaction in this record. So what: nothing in the earlier case studies goes beyond what's fully listed here.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (20 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2011 Thermo Fisher Scientific Inc. → Qiagen N.V. n/a 8.3x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2011 Thermo Fisher Scientific Inc. → One Lambda, Inc. n/a 5.1x n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, valuation basis and data-quality treatment.

    This page sets out how the comparable set was built, which figures were excluded and why, and where each disclosure behind this report originates. Every figure elsewhere in this deck traces back to a source noted here. So what: a client can verify any number in this deck against its origin before drawing on it.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Life Sciences Research Reagents and Supplies and it clears the coverage gate with 7 of 9 companies (78%). EV / EBITDA, P / E are carried as a cross-check. A revenue lens is used rather than a profit multiple because only 2 of 9 companies carry a meaningful forward EBITDA, too few to form a median. DATA QUALITY & EXCLUSIONS 41 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 367 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (366) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Set, the Higher Marks Sat with the Faster-Growing Repeat-Order Names.

    Closes on the finding that higher marks sat with faster-growing repeat-order names.

    Across this set, the higher marks sat with the faster-growing, repeat-order names. The companion tables carry the full universe and source index for any figure worth tracing further.

    Everything on this page

    Across This Set, the Higher Marks Sat with the Faster-Growing Repeat-Order Names. NeuraCap AI — Life Sciences Research Reagents and Supplies Coverage September 2026 · Prepared by NeuraCap AI · Confidential Life Sciences Research Reagents and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Life Sciences Research Reagents and Supplies (Health Care › Pharmaceuticals, Biotechnology and Life Sciences › Life Sciences Research Reagents and Supplies) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Life Sciences Research Reagents and Supplies according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: BioLife Solutions, Inc. (BLFS), Illumina, Inc. (ILMN), Nautilus Biotechnolgy, Inc. (NAUT), Quantum-Si incorporated (QSI), Quanterix Corporation (QTRX), Seer, Inc. (SEER), Alpha Teknova, Inc. (TKNO), Thermo Fisher Scientific Inc. (TMO), Twist Bioscience Corporation (TWST). The market map groups them by business vertical — Discovery research reagent and platform developers: 3 companies (TWST, NAUT, SEER); Research and translational assay kits and reagents: 2 companies (TMO, ILMN); Benchtop research instrument platforms and their dedicated consumables: 2 companies (QTRX, QSI); Adjacent models: 2 companies (BLFS, TKNO). 6 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Life Sciences Research Reagents and Supplies (Health Care › Pharmaceuticals, Biotechnology and Life Sciences › Life Sciences Research Reagents and Supplies) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Life Sciences Research Reagents and Supplies according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: BioLife Solutions, Inc. (BLFS), Illumina, Inc. (ILMN), Nautilus Biotechnolgy, Inc. (NAUT), Quantum-Si incorporated (QSI), Quanterix Corporation (QTRX), Seer, Inc. (SEER), Alpha Teknova, Inc. (TKNO), Thermo Fisher Scientific Inc. (TMO), Twist Bioscience Corporation (TWST). The market map groups them by business vertical — Discovery research reagent and platform developers: 3 companies (TWST, NAUT, SEER); Research and translational assay kits and reagents: 2 companies (TMO, ILMN); Benchtop research instrument platforms and their dedicated consumables: 2 companies (QTRX, QSI); Adjacent models: 2 companies (BLFS, TKNO). 6 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

41 records failed a validation gate and never feed a statistic in this report (38 excluded from aggregate; 3 quarantined). Each exclusion, with its reason: BLFS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BLFS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NAUT — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NAUT — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · NAUT — Implied EBITDA margin -13245.6% outside the plausible band [-100%, 80%] (effect: quarantined) · NAUT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NAUT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NAUT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NAUT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QSI — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · QSI — Implied EBITDA margin -3314.1% outside the plausible band [-100%, 80%] (effect: quarantined) · QSI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QSI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QSI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QSI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QTRX — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · QTRX — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · QTRX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QTRX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QTRX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · QTRX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SEER — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SEER — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SEER — Implied EBITDA margin -205.5% outside the plausible band [-100%, 80%] (effect: quarantined) · SEER — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Life Sciences Research Reagents and Supplies and it clears the coverage gate with 7 of 9 companies (78%). EV / EBITDA, P / E are carried as a cross-check. A revenue lens is used rather than a profit multiple because only 2 of 9 companies carry a meaningful forward EBITDA, too few to form a median. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 2 of 9 companies; EV / rEVenue: 7 of 9 companies; P/E: 3 of 9 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 6 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥12.7x, Core 6.5x–12.7x, Discount <6.5x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 9.1x = median(ev_revenue CY2027E) (6 rated companies) · 16.7x = median(ev_revenue CY2027E) within Premium tier (n=2) · 9.1x = median(ev_revenue CY2027E) within Core tier (n=2) · 3.2x = median(ev_revenue CY2027E) within Discount tier (n=2) · 13.7x = median(ev_revenue CY2027E) | growth ≥ 10% (n=3) · 5.8x = median(ev_revenue CY2027E) | growth < 10% (n=3) · 35% = median Rule of 40 score (revenue growth + EBITDA margin) (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Life Sciences Research Reagents and Supplies recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 20 transactions were recorded for this industry; 11 are shown. 9 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 10 × deal value unit unresolved; 17 × no evidence record; 1 × divestiture roles reassigned. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 371 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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