Labcorp to Buy BioReference Assets From OPKO Health
LH sits 30% above its 52-week low of $244.52.
Summary
Labcorp agreed to acquire select assets of OPKO Health's BioReference Health unit for $722 million in cash, a tuck-in deal that expands its clinical diagnostics footprint. The deal includes BioReference Health's proprietary 4Kscore test, and Labcorp will pay up to an additional $150 million based on revenue from that test. The move fits Labcorp's pattern of bolt-on lab acquisitions, following September's MLM Medical Labs deal. For OPKO, shedding BioReference assets trims a capital-intensive diagnostics business and sharpens focus on its core biopharma pipeline. Labcorp shares trade near $318 with a $25.7B market cap, so this is a modest strategic addition rather than a thesis-changing bet.
At the time of this announcement, LH was trading at $318.00 on NYSE in the Life Sciences sector, with a market capitalization of approximately $25.7B. The 52-week trading range was $244.52 to $341.80. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.