Labcorp Is Buying BioReference Health’s Cancer Testing Business for $192M
Summary
Nearly a year after Labcorp struck a deal for certain diagnostics assets from BioReference Health, the lab-testing giant is back to buy the firm’s cancer tests. Last March, Opko reached a $237.5 million deal to sell its clinical diagnostics and reproductive women’s health business to Labcorp. Acquisitions are part of the growth strategy of Burlington, North Carolina-based Labcorp, which spent $839 million on M&A deals in 2024, according to its annual report. It was Labcorp’s second largest acquisition in 2024, behind only the $240.8 million it paid for certain Invitae genetic testing assets auctioned off as part of that company’s bankruptcy process. Labcorp’s acquisition of the BioReference oncology testing business is subject to customary closing conditions and applicable state regulatory approvals.