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Laboratory Corporation Of America Holdings (NYSE:LH) acquires certain operations of Opko Health, Inc‘s (NASDAQ:OPK) subsidiary BioReference Health.
The assets Labcorp is acquiring generate about $100 million in annual revenue, with the transaction valued at $237.5 million.
This strategic move is designed to expand Labcorp’s lab service network and enhance the availability of its high-quality clinical laboratory services. Under the agreement, LabCorp will acquire BioReference Health’s laboratory testing divisions specializing in clinical diagnostics and reproductive and women’s health throughout the U.S., excluding New York and New Jersey.
The acquisition includes patient service centers (PSCs), specific customer contracts, and operational assets. BioReference Health will retain its diagnostic services in oncology and urology nationwide and continue its complete operations in New York and New Jersey.
This acquisition is anticipated to grant broader access to Labcorp’s extensive laboratory services, scientific expertise, and advanced testing capabilities, enriching patient, physician, and customer experiences across many regions.
“Through this transaction we are able to significantly streamline our laboratory services business while retaining its core operations, positioning BioReference Health for sustained growth and profitability,” commented Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO.
Price Action: OPK shares are trading higher by 12.14% at $1.20 on Thursday.
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