Labcorp To Acquire Select Assets of Incyte Diagnostics’ Clinical and Anatomic Pathology Testing Businesses

Original from: Labcorp

Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, has entered into an agreement with Incyte Diagnostics to acquire select assets of its clinical testing business, including multiple same-day testing day labs, and select technical assets of Incyte Diagnostics’ anatomic pathology (AP) business including Incyte’s main AP laboratory in Spokane, Washington, and its labs in Tukwila and Richland, Washington, and Missoula, Montana.

In this collaborative relationship, Incyte pathologists will continue to offer professional anatomic pathology services to examine and interpret tissue samples, while Labcorp will provide tissue processing and slide preparation services.

When complete, the transaction is expected to provide patients, physicians and customers with greater access to Labcorp’s high-quality laboratory services, scientific expertise and expanded testing capabilities – including oncology testing – in communities across the Pacific Northwest.

“Labcorp’s strong technical expertise combined with Incyte’s deep professional expertise will help advance laboratory precision medicine in the Pacific Northwest,” said Rajat Mehta, Senior Vice President of Labcorp’s West Division. “We look forward to building on the deep-rooted tradition of high-quality laboratory and healthcare services that Incyte Diagnostics patients and physicians have come to expect and deserve.”

"As a physician owned group, we are excited to offer new resources for our providers, patients, and community. Our commitment is to continue to leverage a robust infrastructure for delivering quality diagnostic care. This partnership will help us extend the local services we have provided over 68 years and support it into the future,” said Jon Rittenbach, MD, Board Chair of Incyte Diagnostics.

Subject to customary closing conditions, the acquisition of select assets of the clinical testing business and select technical assets of the anatomical pathology business is anticipated to close later in the year. Until that time, both companies will continue to operate independently. Prior to closing, there will be no changes to operations or services.

This agreement follows other acquisitions and strategic relationships that Labcorp has finalized with a range of local and regional health systems and laboratories that have enhanced services for patients and physicians and supports the company’s priority to expand its oncology testing services.

Source: Labcorp To Acquire Select Assets of Incyte Diagnostics’ Clinical and Anatomic Pathology Testing Businesses