WASHINGTON (dpa-AFX) - Laboratory services provider LabCorp Holdings Inc. (LH) announced on Tuesday that it has agreed to acquire the Prenatal Health testing business of molecular diagnostics company Myriad Genetics Inc. (MYGN) for $210 million in cash, plus the value of inventory at closing.
The business includes the Prequel, Foresight, SneakPeek and FirstGene prenatal testing products.
Labcorp said the acquisition supports its specialty testing growth strategy and is expected to add about $160 million in revenue in the first year after closing.
The company said the deal is expected to be slightly accretive to adjusted earnings in the first year and reach average diagnostics segment margins by the end of the second year following full integration.
Myriad said the transaction is expected to support investments tied to its cancer care businesses. The company added that the sale is expected to be accretive to revenue growth and profitability.
The transaction is expected to close by early 2027.
On the NYSE, shares of LabCorp were gaining 0.13 percent, changing hands at $319.34.
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