Labcorp Completes Acquisition of Personal Genome Diagnostics

Rhea-AI Summary

Labcorp (NYSE: LH) has successfully completed its acquisition of Personal Genome Diagnostics Inc. (PGDx), a leader in cancer genomics. This strategic acquisition enhances Labcorp's liquid biopsy capabilities and expands its oncology portfolio, specifically its next-generation sequencing (NGS)-based genomic profiling products. The deal aims to improve patient outcomes in oncology. The definitive agreement was initially announced on December 23, 2021, highlighting Labcorp's commitment to advancing its diagnostics and drug development capabilities.

Positive

• Acquisition enhances liquid biopsy capabilities.
• Expands oncology portfolio with advanced NGS-based profiling.
• Positions Labcorp at the forefront of oncology innovation.

Negative

• None.

BURLINGTON, N.C.--(BUSINESS WIRE)-- Labcorp (NYSE: LH), a leading global life sciences company, today announced that it has closed its acquisition of Personal Genome Diagnostics Inc. (PGDx), a leader in cancer genomics with a portfolio of comprehensive liquid biopsy and tissue-based products. The addition of PGDx and its technology complements and accelerates Labcorp’s existing liquid biopsy capabilities and expands Labcorp’s leading oncology portfolio of next-generation sequencing (NGS)-based genomic profiling capabilities, positioning Labcorp at the forefront of driving better patient outcomes in oncology.

The definitive agreement for the transaction was announced on Dec. 23, 2021.

About Labcorp

Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With over 75,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $16.1 billion in FY2021. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220221005192/en/

Media: Michele Mazur – 336-436-8263

Media@Labcorp.com

Investors: Chas Cook – 336-436-5076

Investor@Labcorp.com

Source: Labcorp

FAQ

What acquisition did Labcorp announce?

Labcorp announced the acquisition of Personal Genome Diagnostics Inc. (PGDx), a leader in cancer genomics.

When was the acquisition of PGDx announced?

The acquisition was announced on December 23, 2021.

How does the PGDx acquisition impact Labcorp's business?

The acquisition enhances Labcorp's liquid biopsy capabilities and expands its oncology portfolio.

What is the significance of the acquisition for Labcorp's future?

It positions Labcorp to drive better patient outcomes in oncology through advanced genomic profiling technologies.

What is Labcorp's stock symbol?

Labcorp's stock symbol is LH.