Labcorp Acquires Select Assets of BioReference Health’s Diagnostics Business
Labcorp, a global leader in innovative and comprehensive laboratory services, has entered into an agreement to acquire select assets of BioReference Health, a wholly owned subsidiary of OPKO Health. This strategic move will enhance Labcorp’s laboratory services network and expand access to high-quality clinical laboratory services across the United States.
Streamlining Laboratory Services
Through this transaction, Labcorp will acquire BioReference Health’s laboratory testing businesses focused on clinical diagnostics and reproductive and women’s health. The acquisition includes patient service centers (PSCs) and certain customer contracts and operating assets. Notably, BioReference Health will continue to offer oncology and urology diagnostic services nationwide, maintaining full operations in New York and New Jersey.
Better Access for Patients and Physicians
The acquisition is expected to provide patients, physicians, and customers with greater access to Labcorp’s comprehensive, high-quality laboratory services. By leveraging Labcorp’s expertise and scale, the transition will enhance health outcomes for patients across the country.
Mark Schroeder, Executive Vice President and President of Diagnostics Laboratories and Chief Operations Officer of Labcorp, emphasized the commitment to maintaining excellent customer service while expanding access and convenience for patients. Labcorp aims to build upon the reputation that physicians and health systems have come to expect from BioReference Health.
Strategic Financials
The assets being acquired by Labcorp currently generate approximately $100 million in annual revenue. The purchase price for the transaction is $237.5 million. This move aligns with Labcorp’s strategic and financial criteria, positioning the company for continued growth and innovation in the diagnostics industry.
Conclusion
Labcorp’s acquisition of BioReference Health’s select assets underscores its commitment to advancing healthcare through cutting-edge laboratory services. As the industry evolves, Labcorp remains at the forefront, ensuring better health outcomes for patients nationwide.
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