The agreement includes clinical, urology, and women’s health laboratory operations, over 80 patient service centers, and the 4Kscore prostate cancer test.
Labcorp has entered into an agreement with OPKO Health to acquire select assets of BioReference Health, a wholly owned subsidiary of OPKO, for $722 million.
Labcorp will absorb BioReference Health’s laboratory testing operations focused on clinical services, women’s health, urology, and corrections. The acquisition also encompasses key operational infrastructure, including more than 80 patient service centers.
In addition to laboratory facilities and patient access points, Labcorp will acquire BioReference Health’s proprietary 4Kscore Test. The US Food and Drug Administration (FDA)-approved blood test assesses specific biomarkers to help clinicians predict the likelihood of detecting aggressive prostate cancer before making a biopsy decision.
“This acquisition strengthens our ability to deliver affordable, high-quality, specialized diagnostic services to more patients and providers around the country,” says Bryan Vaughn, executive vice president and president of diagnostics at Labcorp, in a release. “By expanding our clinical, women’s health, urology, and corrections testing capabilities and broadening access to innovative diagnostics such as the FDA-approved 4Kscore Test, we can help providers make more informed decisions, improve patient care and increase access to the comprehensive laboratory services people need to live healthier lives.”
For OPKO, the asset sale marks a shift toward core biopharmaceutical development.
“This transaction will allow OPKO to streamline operations and focus our resources on our biopharmaceutical business,” says Phillip Frost, MD, chairman and CEO of OPKO, in a release. “Labcorp’s national scale and capabilities will broaden patient and provider access to BioReference’s 4Kscore Test to many more patients across the country. We believe this transaction is an important catalyst to further unlock additional value for our shareholders.”
The transaction remains subject to customary closing conditions and regulatory approvals. Both companies will continue to operate independently without disruptions or modifications to laboratory services until the deal finalized.
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