Labcorp Completes Acquisition of Select Assets of BioReference Health's Diagnostics Business from OPKO Health

Core Insights - Labcorp has completed the acquisition of select assets from BioReference Health, a subsidiary of OPKO Health, aimed at enhancing its laboratory services network and expanding access to clinical services [1][2][3] Group 1: Acquisition Details - The acquisition includes BioReference Health's laboratory testing businesses focused on clinical diagnostics and reproductive and women's health outside of New York and New Jersey, along with certain patient service centers, customer contracts, and operating assets, generating approximately $100 million in annual revenue [2][3] - The total purchase price for the transaction is $237.5 million [2] Group 2: Strategic Implications - Labcorp's Executive Vice President emphasized the commitment to increasing patient access to quality laboratory services and the immediate benefits from Labcorp's scale and expertise [3] - OPKO's CEO stated that the sale of these diagnostic assets is a crucial step towards improving efficiencies and productivity, allowing OPKO to focus on its core clinical diagnostics in New York and New Jersey, as well as higher value testing segments, which generate approximately $400 million in annual revenue [3] Group 3: Financial Advisors - Lazard served as Labcorp's financial advisor, while Piper Sandler & Co. acted as OPKO's financial advisor [4]