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Headlines
- Labcorp has completed its acquisition of BioReference Health’s assets, aimed at enhancing its laboratory services and testing capabilities across the U.S.
- Labcorp’s shares rose by 2.1% to $225.76 following the announcement, reflecting positive market sentiment.
- The acquisition, valued at $237.5 million, includes BioReference Health’s diagnostic businesses, patient service centers, and contracts, contributing approximately $100 million in annual revenue.
Labcorp Holdings Inc. (NYSE:LH) has successfully completed the acquisition of select assets from BioReference Health, a subsidiary of OPKO Health. This strategic move is designed to offer customers improved access to Labcorp’s comprehensive laboratory services, scientific expertise, and expanded testing capabilities across key regions in the United States.
Following the acquisition news, Labcorp’s shares increased by 2.1%, reaching $225.76. This positive market response underscores the benefits of Labcorp’s new collaborations and acquisitions within the clinical laboratory service sector. The outlook for Labcorp remains optimistic as the integration of BioReference Health’s assets is expected to further enhance its services.
The acquisition encompasses BioReference Health’s laboratory testing businesses, which focus on clinical diagnostics and reproductive and women’s health outside New York and New Jersey. It also includes various patient service centers, customer contracts, and operating assets generating around $100 million in annual revenue. The transaction, valued at $237.5 million, is set to bolster Labcorp's laboratory network and broaden access to its clinical services.
The sale marks a significant step in improving efficiencies and boosting productivity. Labcorp is now focused on integrating the acquired assets to drive enhanced health outcomes for patients. Lazard served as Labcorp’s financial advisor, while Hogan Lovells, Kilpatrick Townsend, and Parker Poe provided legal counsel. Piper Sandler & Co. acted as financial advisor for OPKO, with Greenberg Traurig offering legal support.
