Labcorp To Acquire BioReference Health Assets; OPKO Shares Rise

Labcorp Holdings Inc. (LH), a provider of innovative and comprehensive laboratory services, on Thursday announced that it had agreed to acquire select assets of BioReference Health, a subsidiary of OPKO Health Inc. (OPK).

The purchase price is $722 million in cash at closing.

The company may pay an additional $150 million based on revenue from the 4Kscore Test.

The company also mentioned that the acquisition will expand access to specialized diagnostic services and broaden its patient service center network.

The company expects the acquired business to generate approximately $250 million in revenue in the first year after closing, based on its current forecasts.

The deal also includes more than 80 additional patient service centers and the proprietary 4Kscore Test, an FDA-approved blood test that helps predict the likelihood of aggressive prostate cancer before a biopsy decision.

OPKO Health said the transaction will help streamline operations and allow the company to focus resources on its biopharmaceutical business.

https://www.rttnews.com/3699346/labcorp-to-acquire-bioreference-health-assets-opko-shares-rise-7-35.aspx