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LabCorp Acquiring Assets of Mount Sinai Clinical Outreach Labs

NEW YORK (360Dx) – Laboratory Corporation of America said today that it has agreed to acquire assets of Mount Sinai's Clinical Outreach Laboratories that will enable LabCorp to provide laboratory services to physicians and patients that use Mount Sinai's outreach laboratory.

The agreement with Mount Sinai enables LabCorp to serve as an anchor health system in the New York metro market, David King, chairman and CEO of LabCorp, said in a statement.

The firm said that as part of the agreement, it will offer clinical pathology testing, including cytology and cytology-related molecular testing. The firm will also add seven patient service centers currently operated by Mount Sinai to its existing network of 120 patient service centers in the metropolitan New York City area.

Mount Sinai will continue to provide laboratory testing for patients registered at its hospitals and ambulatory facilities, and for physicians operating professional practices for anatomic pathology, molecular pathology, and genetics, LabCorp said.

Other terms of the transaction were not disclosed.

The deal has already received regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and it is expected to close in the first quarter of 2017.

LabCorp added that, in addition to this transaction, it is exploring opportunities with Mount Sinai to collaborate on projects involving companion diagnostics, clinical trials, and medical education.