Labcorp
to acquire
Baystate Health's
outreach laboratory business and select operating assets
Collaboration to improve access and enhance affordable, high-quality healthcare services for underserved communities across
Massachusetts
Labcorp
(NYSE: LH), a global leader of innovative and comprehensive laboratory services, announced today it will acquire
Baystate Health, Inc.'s
(
Baystate Health
) outreach laboratory business and select operating assets, including laboratory service centers operated by
Baystate Health
throughout
Massachusetts
. This strategic relationship will build upon
Labcorp's
and
Baystate Health's
existing reference laboratory relationship to improve the efficiency of routine and specialty lab testing.
In addition,
Labcorp
will establish a regional laboratory in
Baystate Health's
facility in
Holyoke, Massachusetts
, where
Baystate Health
will continue to provide professional support services for anatomic pathology and select specialty testing at its existing laboratory.
Baystate Health
and
Labcorp
will also work together to enhance affordable, high-quality healthcare services for underserved communities throughout the region. The goal of this strategic relationship is to improve access to testing for patients and providers, standardize laboratory testing throughout
Baystate Health
, and expand on the ability to deliver timely results.
"This collaboration is fully aligned with
Baystate Health's
mission to improve the health of the people in our communities every day, with quality and compassion," said
Mark Keroack
, M.D., MPH, President & Chief Executive Officer,
Baystate Health
. "
Labcorp
believes in our mission and will continue to deliver a high level of service with plans to make capital investments in structure and process to deliver laboratory services to our patient population in more innovative and efficient ways."
"For many years,
Labcorp
has served as our trusted primary reference testing provider, and we are confident they will continue to deliver high-quality outcomes, affordable access, and optimal service for our patients and providers," said
Sam Skura
, President,
Baystate Medical Center
and Senior Vice President, Hospital Operations,
Baystate Health
.
The acquisition will combine important capabilities, experience, and technologies from both organizations to further the delivery of high-quality patient care. It will leverage
Labcorp's
leading clinical laboratory services, robust data, and digital tools with continued, convenient patient access through the extensive network of
Baystate Health
patient service centers that
Labcorp
will acquire, in addition to
Labcorp's
existing service centers in the region.
"
Labcorp
is focused on delivering high-quality, cost-effective laboratory testing to health systems, physicians, patients, health plans and communities we serve," said
Bill Haas
, Senior Vice President of
Labcorp's
Northeast Division. "We are thrilled to grow our important relationship with
Baystate Health
and to realize our shared vision to enhance the patient and provider experience in the communities Baystate serves."
The transaction is expected to close in early 2024 and is subject to customary closing conditions and applicable regulatory approvals.
About
Labcorp
Labcorp
(NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 60,000 employees serve clients in over 100 countries, worked on over 80% of the new drugs approved by the FDA in 2022 and performed more than 600 million tests for patients around the world. Learn more about us at www.labcorp.com .
About
Baystate Health
Baystate Health
is a not-for-profit, integrated healthcare system serving over 800,000 people throughout western
New England
.
Baystate Health
is the largest healthcare organization in western
Massachusetts
. With roots dating to the founding of
Springfield Hospital
in 1883,
Baystate Health
has been providing high-quality and compassionate healthcare in the
Pioneer Valley
for more than 140 years. Its mission is to improve the health of the people in its communities every day, with quality and compassion. With a focus on quality, safety, value, and experience, Baystate is not only a keystone of the region, it is a national leader in healthcare. Learn more at www.baystatehealth.org .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to the company's acquisition of
Baystate Health, Inc.'s
outreach laboratory business and select operating assets, and the anticipated benefits of the transaction for providers and patients, and the expected timing to closing.
Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control. These factors, in some cases, have affected and in the future (together with other factors) could affect the company's ability to implement the company's business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements.
The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company's most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the company's other filings with the
SEC
. The information in this press release should be read in conjunction with a review of the company's filings with the
SEC
including the information in the company's most recent Annual Report on Form 10-K, and subsequent Forms 10-Q, under the heading MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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SOURCE
Laboratory Corporation of America Holdings
Media, Kimbrel Arculeo, 336-436-8263, Media@Labcorp.com; Investor Relations, Christin O'Donnell, 336-436-5076, Investor@Labcorp.com
