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Labcorp to Acquire Select Assets of BioReference Health for $237.5M

NEW YORK – Laboratory Corporation of America announced on Thursday that it has entered into an agreement with Opko Health to acquire select assets of Opko subsidiary BioReference Health for $237.5 million. 

Under the deal, Labcorp will acquire BioReference's laboratory testing businesses focused on clinical diagnostics and reproductive and women's health across the US outside of New York and New Jersey. The deal includes patient service centers and certain customer contracts and operating assets, Labcorp said in a statement. 

BioReference will continue to offer oncology and urology diagnostic services across the US and will maintain its full operations in New York and New Jersey. 

The assets that Labcorp will be acquiring currently generate about $100 million in annual revenue, Labcorp said. The deal is expected to close in the second half of 2024. 

Opko acquired BioReference in the summer of 2015 for $1.47 billion. 

"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," Opko Chairman and CEO Phillip Frost said in a statement. "This transaction is part of our previously announced effort to reestablish profitability at our clinical laboratory business while at the same time better positioning Opko as an innovative biopharmaceutical company." 

The deal is the latest in a line of asset acquisitions by Labcorp.