Trending...
- Finland's €1.3 Billion Digital Gambling Market Faces Regulatory Tug-of-War as Player Protection Debate Intensifies
- "They Said It Was Impossible": This Bottle Turns Any Freshwater Source Into Ice-Cold, Purified Drinking Water in Seconds
- High-Margin Energy & Digital Infrastructure Platform Created after Merger with Established BlockFuel Energy, Innovation Beverage Group (NAS DAQ: IBG)
BURLINGTON, N.C.--(BUSINESS WIRE)--Labcorp (NYSE: LH), a leading global life sciences company, today announced that it has entered into a definitive agreement to acquire select operating assets and intellectual property (IP) from Myriad Genetics' autoimmune business unit, including the Vectra® rheumatoid arthritis (RA) assay. More than one million Vectra tests have been completed since the product's launch in November 2010, and a meaningful portion of testing volume currently flows through Labcorp.
"Labcorp has consistently been a major player in rheumatology and continues to focus on providing medical professionals with the data they need to best treat their RA patients," said Brian Caveney, M.D., chief medical officer and president of Labcorp Diagnostics. "The addition of the Vectra testing capabilities to our in-house products offers tremendous potential for us to expand the test's availability and make Labcorp a single-source diagnostics solution for RA providers. We look forward to welcoming the team to Labcorp."
Vectra is a non-invasive, blood-based test that analyzes 12 biomarkers to measure RA disease activity. It combines those measures to generate an easy-to-understand score, which indicates the severity of RA inflammation and how well current treatments are working. It also can predict potential, future joint damage. This enables the 5,000 practicing rheumatologists in the U.S. to provide targeted treatment and adjust existing treatments to better manage RA symptoms.
Rheumatoid arthritis, an autoimmune disorder and one of the most common forms of arthritis, causes painful inflammation and tissue damage in the knees, wrists, and other joints. The U.S. Centers for Disease Control and Prevention project that, by 2040, roughly 26% of the country's adult population will be living with doctor-diagnosed arthritis such as RA.
The acquisition of the Vectra test and related IP and other assets complements Labcorp's prior business activity aimed at bolstering its scientific leadership in RA testing and treatment.
More on ncarol.com
The transaction is expected to close by the end of the third quarter, subject to customary closing conditions and regulatory approvals, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Specific terms of the transaction were not disclosed. Hogan Lovells acted as legal advisor to Labcorp.
About Labcorp
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14.0 billion in 2020. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to the transaction, expected closing timing, projected growth of arthritis in the U.S. population, the anticipated impact of the transaction, and the potential to expand the Vectra test's availability.
Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control, including without limitation, the risk that the transaction may not be completed in a timely manner or at all; the failure to satisfy the conditions to closing the transaction, including the receipt of certain regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; our ability to implement our plans, forecasts and other expectations with respect to the Vectra testing business after completion of the proposed transaction; the impact of the COVID-19 pandemic and its impact on our business and financial condition and on general economic, business, and market conditions; our ability (or inability) to execute on our plans to respond to the COVID-19 pandemic, competitive actions and other unforeseen changes and general uncertainties in the marketplace; changes in government regulations, including health care reform; customer purchasing decisions, including changes in payer regulations or policies; other adverse actions of governmental and third-party payers; changes in testing guidelines or recommendations; federal, state, and local government responses to the COVID-19 pandemic; the effect of public opinion on the company's reputation; adverse results in material litigation matters; the impact of changes in tax laws and regulations; failure to maintain or develop customer relationships; our ability to develop or acquire new products and adapt to technological changes; failure in information technology, systems or data security; adverse weather conditions; the number of revenue days in a financial period; employee relations; personnel costs; and the effect of exchange rate fluctuations. 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 our forward-looking statements.
More on ncarol.com
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.
"Labcorp has consistently been a major player in rheumatology and continues to focus on providing medical professionals with the data they need to best treat their RA patients," said Brian Caveney, M.D., chief medical officer and president of Labcorp Diagnostics. "The addition of the Vectra testing capabilities to our in-house products offers tremendous potential for us to expand the test's availability and make Labcorp a single-source diagnostics solution for RA providers. We look forward to welcoming the team to Labcorp."
Vectra is a non-invasive, blood-based test that analyzes 12 biomarkers to measure RA disease activity. It combines those measures to generate an easy-to-understand score, which indicates the severity of RA inflammation and how well current treatments are working. It also can predict potential, future joint damage. This enables the 5,000 practicing rheumatologists in the U.S. to provide targeted treatment and adjust existing treatments to better manage RA symptoms.
Rheumatoid arthritis, an autoimmune disorder and one of the most common forms of arthritis, causes painful inflammation and tissue damage in the knees, wrists, and other joints. The U.S. Centers for Disease Control and Prevention project that, by 2040, roughly 26% of the country's adult population will be living with doctor-diagnosed arthritis such as RA.
The acquisition of the Vectra test and related IP and other assets complements Labcorp's prior business activity aimed at bolstering its scientific leadership in RA testing and treatment.
More on ncarol.com
- Arbutus Medical Raises C$9.3M to Accelerate Growth of Surgical Workflow Solutions Outside the OR
- From Sleepless Nights to Sold-Out Drops: Catch Phrase Poet's First Year Redefining Motivational Urban Apparel
- Now Live on Kickstarter: The Bottle That Chills and Purifies Any Freshwater — and Donates One for Every 10 Backers
- How Specialized Game Development Services Are Powering the Next Wave of Interactive Entertainment
- Don't Settle for a Lawyer Who Just Speaks Spanish. Demand One Who Understands Your Story
The transaction is expected to close by the end of the third quarter, subject to customary closing conditions and regulatory approvals, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Specific terms of the transaction were not disclosed. Hogan Lovells acted as legal advisor to Labcorp.
About Labcorp
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14.0 billion in 2020. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to statements with respect to the transaction, expected closing timing, projected growth of arthritis in the U.S. population, the anticipated impact of the transaction, and the potential to expand the Vectra test's availability.
Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company's control, including without limitation, the risk that the transaction may not be completed in a timely manner or at all; the failure to satisfy the conditions to closing the transaction, including the receipt of certain regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; our ability to implement our plans, forecasts and other expectations with respect to the Vectra testing business after completion of the proposed transaction; the impact of the COVID-19 pandemic and its impact on our business and financial condition and on general economic, business, and market conditions; our ability (or inability) to execute on our plans to respond to the COVID-19 pandemic, competitive actions and other unforeseen changes and general uncertainties in the marketplace; changes in government regulations, including health care reform; customer purchasing decisions, including changes in payer regulations or policies; other adverse actions of governmental and third-party payers; changes in testing guidelines or recommendations; federal, state, and local government responses to the COVID-19 pandemic; the effect of public opinion on the company's reputation; adverse results in material litigation matters; the impact of changes in tax laws and regulations; failure to maintain or develop customer relationships; our ability to develop or acquire new products and adapt to technological changes; failure in information technology, systems or data security; adverse weather conditions; the number of revenue days in a financial period; employee relations; personnel costs; and the effect of exchange rate fluctuations. 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 our forward-looking statements.
More on ncarol.com
- Dan Williams Promoted to Century Fasteners Corp. – General Manager, Operations
- Ski Johnson Inks Strategic Deals with Three Major Food Chain Brands
- NIL Club Advances Agent-Free NIL Model as Oversight Intensifies Across College Athletics
- Atlanta Magazine Names Dr. Rashad Richey One of Atlanta's Most Influential Leaders in 2026 as the FIFA World Cup Approaches
- Apostle Margelee Hylton Announces the Release of Third Day Prayer
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.
Filed Under: Business
0 Comments
Latest on ncarol.com
- Unseasonable Warmth Triggers Early Pest Season Along I-5 Corridor
- Bug Busters Expands Service Footprint With New Carrollton, Georgia Branch
- Why KULR Could Be a Quiet Enabler of Space-Based Solar Power (SBSP) Over The Long Term: KULR Technology Group, Inc. (NY SE American: KULR)
- Why Finland Had No Choice But to Legalize Online Gambling
- High-Margin Energy & Digital Infrastructure Platform Created after Merger with Established BlockFuel Energy, Innovation Beverage Group (NAS DAQ: IBG)
- iFLO Pro Launches Its Groundbreaking iFLO Pro Mini At The 2026 AHR Expo In Las Vegas
- TL International Group Becomes First Global Operator to Fully Migrate to Pulsant's Dedicated Car Rental Cloud
- Diveroli Investment Group Files 13D in PetMed Express, Highlights Strategic Value, Asset Floor, and Multiple Takeover Pathways
- Deep Learning Robotics (DLRob) Announces Pre-Launch of Zero-Teach and Teach-by-Demonstration Technology for Kitting Applications
- The Quasar Dipole Phenomenon is likely just a complex systematics artifact
- The Rise of Comprehensive Home Water Treatment Systems
- Yazaki Innovations to Introduce First-Ever Prefabricated Home Wiring System to U.S. Residential Market in 2026
- Bisnar Chase Named 2026 Law Firm of the Year by Best Lawyers
- Ace Industries Welcomes Jack Polish as Controller
- Senseeker Machining Company Acquires Axis Machine to Establish Machining Capability for Improved Supply Chain Control and Shorter Delivery Times
- VC Fast Pitch Is Coming to Maryland on March 26th
- Patent Bar Exam Candidates Achieve 30% Higher Pass Rates with Wysebridge's 2026 Platform
- Municipal Carbon Field Guide Launched by LandConnect -- New Revenue Streams for Cities Managing Vacant Land
- Hoy Law Wins Supreme Court Decision Establishing Federal Trucking Regulations as the Standard of Care in South Dakota
- Dr. Rashad Richey's Indisputable Shatters Records, Over 1 Billion YouTube Views, Top 1% Podcast, 3.2 Million Viewers Daily