NEW YORK – Laboratory Corporation of America said Tuesday that it has entered into an agreement with Oregon-based Legacy Health to acquire select assets of its outreach lab business and to manage its inpatient hospital laboratories.
Under the agreement, Labcorp will acquire outreach lab facilities and equipment and will provide staffing, leadership, scientific knowledge, analytics, supply chain services, and laboratory support to Legacy's inpatient labs. Legacy will maintain ownership and licensure of its hospital labs and its central lab building at Holladay Park in Northeast Portland.
Legacy is a six-hospital health system that includes a full-service children's hospital, a 24-hour mental and behavioral health services center, and more than 70 primary care, specialty, and urgent care clinics providing services across the Portland and Vancouver, Washington, metro area and the mid-Willamette Valley.
"Labcorp's capabilities, coupled with Legacy's longstanding history in the region, will bring expanded offerings to communities throughout Oregon and Southwest Washington," Rajat Mehta, senior VP of Labcorp's West Division, said in a statement.
"By connecting our mission-driven organizations in this partnership, Legacy will realize improvements and innovations that will benefit our patients and providers," Legacy Health President and CEO Kathryn Correia said in a statement.
The transaction is expected to close this year. Financial and other terms of the agreement were not disclosed.