Labcorp (NYSE: LH), a global life sciences company, has acquired Personal Genome Diagnostics Inc., a provider in cancer genomics with a portfolio of liquid biopsy and tissue-based products. Lapcorp will pay $450 million in cash with an additional $125 based on performance milestones.
The deal will expand Labcorp’s existing liquid biopsy abilities and will expand the firm’s oncology portfolio. PGD brings increase access to oncology care in the community through its kitted services that allow hospitals and labs to run tests internally. PGD’s offerings will enhance the scalability of the technology and support long term growth for Labcorp’s oncology portfolio.
“We share Labcorp’s vision of improving health care decisions and outcomes through science, data and a continued commitment to innovation,” said Megan Bailey, CEO of PGDx. “For over a decade, PGDx has made great progress toward that goal. As a part of the Labcorp family, we have an incredible opportunity to broaden and accelerate our impact on cancer care through Labcorp’s global reach.”