Labcorp to buy select assets of OPKO Health's unit; OPKO shares up

OPKO Health

28/03/2024 13:06

** Healthcare company OPKO Health's  OPK.O  shares rise 2.8%
to $1.10 premarket 
    ** Clinical lab operator Labcorp  LH.N  to acquire select
assets of BioReference Health, a unit of OPKO Health, for $237.5
mln
    ** The assets that LH will be acquiring currently generate
about $100 mln in annual revenue
    ** Through the deal, LH will buy BioReference's laboratory
testing businesses, focused on clinical diagnostics and women's
health, across the U.S., except in New York and New Jersey
    ** BioReference will continue to offer oncology and urology
diagnostic services nationwide, as well as maintain its full
operations in New York and New Jersey, the companies said 
    ** Deal expected to close in second half of 2024
    ** Up to last close, OPK has fallen 29.1% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))