UPDATE: Labcorp Agrees To Acquire Select Assets Of OPKO Health's BioReference Health Subsidiary For $722M In Cash, Up To Additional $150M In Earnout On Revenue

Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, and OPKO Health, Inc. (NASDAQ:OPK), a multinational biopharmaceutical company, announced today that they have entered into an agreement for Labcorp to acquire select assets of BioReference Health, LLC, a wholly owned subsidiary of OPKO Health.

The purchase price for the transaction is $722 million in cash at closing, subject to an upward or downward adjustment (if any) based on closing business revenues, and up to an additional $150 million in an earnout based on revenue from the 4Kscore Test. Labcorp expects the business revenue to be approximately $250 million in the first year after close, based on Labcorp's current post-closing forecasts.