Bruker Acquires AST Revolution in a Strategic Rapid Diagnostics Play

SAN FRANCISCO, CA – November 24, 2025

In a move that underscores the intense strategic value of rapid diagnostics, scientific instrument giant Bruker Corporation has acquired AST Revolution, a company focused on next-generation antimicrobial susceptibility testing (AST). The transaction, announced by controlling shareholder Indaba Capital Management, marks a remarkably swift and successful exit for the private equity firm, which had formed AST Revolution just three months prior from the ashes of a bankrupt predecessor.

While financial terms were not disclosed, the deal represents a significant strategic consolidation in the fight against antimicrobial resistance (AMR). For Bruker, it’s a calculated expansion of its microbiology and infection diagnostics portfolio. For the market, it signals the resurrection of a promising technology platform—the WAVE™ and Arc™ systems—now backed by a global leader with the resources to potentially realize its full clinical potential. This acquisition is more than a simple business transaction; it's a story of financial maneuvering, technological resilience, and a high-stakes bet on the future of infectious disease management.

A Masterclass in Distressed Asset Turnaround

The journey of the WAVE™ and Arc™ systems to Bruker is a case study in modern private equity strategy. The technology was originally developed by Accelerate Diagnostics, a company that, despite its innovative focus, succumbed to financial pressures. Saddled with over $66 million in debt and negative cash flow, Accelerate Diagnostics filed for Chapter 11 bankruptcy protection in May 2025.

Enter Indaba Capital Management. Already a major secured noteholder, the San Francisco-based investment firm saw the underlying value in Accelerate's intellectual property. Indaba orchestrated a court-approved acquisition of key assets, including the WAVE™ and Arc™ systems, through a "stalking horse" bid valued at approximately $36.9 million. By August 2025, the deal was done, and Indaba had launched a new, streamlined entity: AST Revolution.

The mission was clear and focused. With fresh funding and strategic oversight from Indaba, AST Revolution was tasked with revitalizing the diagnostic platform. The new company, led by Chief Scientific Officer Larry Mertz, moved quickly to stabilize operations and accelerate product development.

“The sale of AST Revolution to Bruker is a strong outcome that represents the culmination of a collaborative effort with AST Revolution to revitalize a differentiated diagnostic platform,” said Derek Schrier, Founder and CIO of Indaba and Chairman of AST Revolution’s Management Committee, in a statement. He praised Mertz’s team for their rapid progress, adding, “We are confident that Bruker will be the ideal long-term owner for AST Revolution and its next-generation AST technologies given its unique understanding of the Company’s opportunity set.”

This rapid three-month turnaround—from acquiring distressed assets to building a compelling standalone company and executing a strategic sale—highlights a nimble and aggressive approach to value creation. As Clint Akarmann, Managing Director at Indaba, noted, the collective effort was focused on positioning the business to "become the leader in rapid AST."

Bruker Fortifies its Arsenal Against Superbugs

Bruker's acquisition is far from an impulse buy. The company has been methodically building its presence in the microbiology and infectious disease diagnostics space. Its flagship MALDI Biotyper system is already a staple in clinical labs for rapid microbial identification. This deal represents a powerful synergy, adding a crucial rapid susceptibility testing capability to its existing identification prowess.

The strategic logic is compelling. The global market for rapid identification and AST is booming, valued at over $2 billion in 2024 and projected to exceed $5 billion by 2033, driven by the escalating crisis of antimicrobial resistance. Traditional culture-based AST methods can take 24-48 hours or longer to yield results, a dangerous delay when treating critical infections like sepsis. During this time, clinicians often rely on broad-spectrum antibiotics, a practice that can be ineffective and contributes to the rise of drug-resistant "superbugs."

Rapid AST systems like WAVE™ and Arc™ promise to shrink that diagnostic window to mere hours, enabling clinicians to prescribe the right targeted antibiotic for the right patient, faster. This not only improves patient outcomes but is also a cornerstone of effective antimicrobial stewardship programs designed to preserve the efficacy of our limited antibiotic arsenal.

Bruker was already familiar with the technology, having previously entered a collaboration agreement with Accelerate Diagnostics to validate the Arc system with its MALDI Biotyper. This acquisition brings the technology fully in-house, allowing for deeper integration and accelerated development. It follows Bruker's other major diagnostic plays, including the nearly $1 billion acquisition of ELITechGroup earlier in 2024, signaling a clear corporate mandate to become a dominant force in the high-growth IVD market.

The Challenge of Commercialization

At the heart of this deal are the WAVE™ and Arc™ systems, technologies designed to provide rapid, actionable AST results directly from patient samples. The platform aims to help clinicians make faster, better-informed treatment decisions, a mission that Chief Scientific Officer Lawrence Mertz said was shared by his team from day one. “We are grateful for the close support of Derek and Clint which allowed us to rebuild a focused organization around technologies with true clinical impacts,” Mertz stated.

However, the path from technological innovation to widespread clinical adoption is fraught with challenges, which Bruker now inherits. The primary hurdle is often cost. Rapid diagnostic platforms represent a significant capital investment for hospitals and laboratories, and justifying the expense requires demonstrating clear improvements in patient outcomes and overall cost savings, such as reduced hospital stays or lower pharmacy costs.

Furthermore, integrating new systems into complex, 24/7 laboratory workflows is a significant operational undertaking. It requires changes to established protocols, staff training, and seamless communication between the lab and clinicians to ensure that rapid results translate into rapid changes in patient therapy. Without this final step, the technology's potential is unrealized.

Bruker's success will depend on its ability to navigate these hurdles. Its global scale, established relationships with clinical laboratories, and deep expertise in scientific instrumentation provide a powerful platform for commercialization. The company will need to generate robust clinical and health-economic data to prove the value proposition of the WAVE™ and Arc™ systems, streamline their integration into hospital workflows, and navigate the complex landscape of diagnostic reimbursement. The acquisition marks the end of one chapter for this resilient technology and the beginning of a new, more promising one, with the potential to finally make a significant impact on patient care and the global fight against AMR.