Burlington, N.C.-based Labcorp has completed its acquisition of specialty laboratory Millennium Health for $375 million, according to a Labcorp news release.
The acquisition can be broken into two parts — $245 million payable in cash at closing and up to $130 million of consideration, contingent upon specified future events.
Millennium Health helps clinicians more effectively monitor individuals living with chronic pain, substance use disorders, mental health conditions and other health needs by providing insight into patients’ recent use of prescription medications and/or illicit drugs.
“The completion of this acquisition marks an important step in strengthening Labcorp’s toxicology capabilities and expanding access to these important testing services for patients across the country,” Andrea Throop, PhD, head of toxicology at Labcorp, said in the release. “By bringing together Labcorp’s national scale, scientific expertise and digital capabilities with Millennium Health’s deep experience in toxicology testing and drug surveillance, we are well positioned to support healthcare providers with actionable information that helps improve patient care and outcomes.”
Once integrated, Millennium patients, clinicians and customers will benefit from Labcorp’s testing options, patient service center network and digital options to assist with test ordering and result delivery.
