Original from: Labcorp

Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, today announced that it has entered into an agreement with Legacy Health to acquire select assets of its outreach laboratory business, including laboratory facilities and equipment. Labcorp will also manage Legacy's inpatient hospital laboratories through a long-term agreement to provide staffing, leadership, scientific knowledge, analytics, supply chain services and laboratory support.  

Legacy will maintain ownership and licensure of its hospital laboratories as well as retain ownership of its central lab building at Holladay Park in Northeast Portland. 

Legacy is a six-hospital health system located in Oregon that includes a full-service children's hospital, a 24-hour mental and behavioral health services center and more than 70 primary care, specialty and urgent care clinics. Legacy provides comprehensive healthcare services across the Portland and Vancouver metro area and the mid-Willamette Valley. Healthcare providers and patients throughout the region will have more direct and convenient access to Labcorp's full range of laboratory services.

"Labcorp's capabilities, coupled with Legacy's longstanding history in the region, will bring expanded offerings to communities throughout Oregon and Southwest Washington," said Rajat Mehta, senior vice president, Labcorp'sWest Division. "Legacy continuously seeks to improve both the quality of care and the health of the communities they serve, and this relationship will allow Labcorp to bring our world-class diagnostics and capabilities to patients across Legacy's service area." 

"By connecting our mission-driven organizations in this partnership, Legacy will realize improvements and innovations that will benefit our patients and providers," said Kathryn Correia, Legacy Health president and CEO. "We look forward to working with Labcorp to deliver a seamless transition experience." 

The transaction is anticipated to close later in 2023 and is subject to customary closing conditions and applicable regulatory approvals. Other terms of the transactions were not disclosed. Colaborate has served as an exclusive advisor to Legacy Health.

Source: Labcorp and Legacy Health Agree to Comprehensive Laboratory Relationship