NEW YORK – Laboratory Corporation of America announced on Wednesday that it will acquire Baystate Health's outreach laboratory business and select operating assets, including laboratory service centers operated by Baystate throughout Massachusetts.
Financial and other terms of the deal were not disclosed.
As part of the transaction, Labcorp will also establish a regional laboratory in Baystate's Holyoke, Massachusetts-based facility where Baystate will provide professional support services for anatomic pathology and select specialty testing at its existing laboratory. The acquisition is expected to close in early 2024, Labcorp said in a statement.
The laboratories will also work together to improve affordable healthcare services for underserved communities in the region, with the goal of improving access to testing for patients and providers, standardizing testing throughout Baystate Health, and expanding the ability to deliver timely results.
Labcorp "will continue to deliver a high level of service with plans to make capital investments in structure and process to deliver laboratory services to our patient population in more innovative and efficient ways," Baystate President and CEO Mark Keroack said in a statement.
The deal builds on the existing reference laboratory relationship between Labcorp and Baystate Health and is the latest in a line of outreach and hospital laboratory acquisitions by Labcorp.