Labcorp, a provider of comprehensive laboratory services, has entered into an agreement to acquire select assets of BioReference Health, a wholly owned subsidiary of OPKO Health.

Through this transaction, which is valued at up to $225 million, Labcorp will acquire BioReference Health’s laboratory testing businesses focused on oncology and oncology-related clinical testing services across the United States. The transaction also includes certain customer accounts and other operating assets.

When complete, the transaction is expected to provide patients, physicians and customers with greater access to Labcorp’s laboratory services, scientific expertise and expanded testing capabilities. This acquisition also further strengthens Labcorp’s position in oncology, expanding its portfolio of diagnostic tests in cancer care.

“By integrating BioReference Health’s oncology and related clinical testing services into our portfolio, we’re providing greater access to our world-class services to patients, physicians and healthcare providers across the country,” said Mark Schroeder, EVP and President, Diagnostics Laboratories and Chief Operations Officer, Labcorp. “This acquisition also aligns with our strategy to lead in oncology and reinforces our commitment to advancing cancer care through innovative and comprehensive laboratory services. We look forward to welcoming our new colleagues and working together to deliver even greater value to the healthcare community.”

“This transaction with Labcorp represents another important step for OPKO Health to further streamline BioReference Health’s operations to achieve profitability,” said Phillip Frost, M.D., Chairman and CEO of OPKO. “BioReference Health will maintain its core clinical testing services in the New York and New Jersey region and have the ability to further expand its urology franchise with its proprietary 4Kscore test. We believe the sale of these oncology diagnostic assets is an important catalyst to unlock additional value.”

Upon closing of this transaction, BioReference Health’s operations will include its core clinical testing operations in the New York and New Jersey region and its 4Kscore franchise, which represented approximately $300 million in revenue for 2024.

The transaction is subject to customary closing conditions and remaining applicable state regulatory approvals. The transaction is anticipated to close in the second half of 2025.

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