Laboratory Corporation of America Holdings, more commonly known as Labcorp, is an American healthcare company headquartered in
Burlington, North Carolina
Burlington is a city in Alamance County, North Carolina, Alamance and Guilford County, North Carolina, Guilford counties in the U.S. state of North Carolina. It is the principal city of the Burlington, North Carolina Metropolitan Statistical Are ...
. It operates one of the largest clinical laboratory networks in the world, with a United States network of 36 primary laboratories. Before a
merger
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
with National Health Laboratory in 1995, the company operated under the name Roche BioMedical. Labcorp performs its largest volume of specialty testing at its Center for Esoteric Testing in Burlington, North Carolina, where the company is headquartered.
[Full Description, Laboratory Corporation of America Hldg LH (NYSE)](_blank)
reuters.com
SECInfo.com, Filed On 12/4/01, SEC File 1-11353, Accession Number 920148-1-500043 As of 2018, Labcorp processes 2.5 million lab tests weekly.
Labcorp was an early pioneer of
genomic
Genomics is an interdisciplinary field of biology focusing on the structure, function, evolution, mapping, and editing of genomes. A genome is an organism's complete set of DNA, including all of its genes as well as its hierarchical, three-dim ...
testing using
polymerase chain reaction
The polymerase chain reaction (PCR) is a method widely used to rapidly make millions to billions of copies (complete or partial) of a specific DNA sample, allowing scientists to take a very small sample of DNA and amplify it (or a part of it) t ...
(PCR) technology, at its Center for Molecular Biology and Pathology in
Research Triangle Park, North Carolina
Research Triangle Park (RTP) is the largest research park in the United States, occupying in North Carolina and hosting more than 300 companies and 65,000 workers.
The facility is named for its location relative to the three surrounding cities ...
, where it also performs other molecular diagnostics. It also does
oncology
Oncology is a branch of medicine that deals with the study, treatment, diagnosis and prevention of cancer. A medical professional who practices oncology is an ''oncologist''. The name's etymological origin is the Greek word ὄγκος (''ó ...
testing,
human immunodeficiency virus
The human immunodeficiency viruses (HIV) are two species of ''Lentivirus'' (a subgroup of retrovirus) that infect humans. Over time, they cause AIDS, acquired immunodeficiency syndrome (AIDS), a condition in which progressive failure of the ...
(HIV)
genotyping
Genotyping is the process of determining differences in the genetic make-up ( genotype) of an individual by examining the individual's DNA sequence using biological assays and comparing it to another individual's sequence or a reference sequence. ...
and
phenotyping.
Labcorp also operates the National Genetics Institute, Inc. (NGI), in
Los Angeles, California
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...
, which develops PCR testing methods.
Labcorp's ViroMed facility, originally in
Minnetonka, Minnesota
Minnetonka ( ) is a city in Hennepin County, Minnesota, Hennepin County, Minnesota, United States. A western suburb of the Twin Cities, Minnetonka is located about west of downtown Minneapolis. As of the 2020 United States census, 2020 census, ...
, until closing this site in 2013, is now housed in Burlington and performs
real-time PCR
A real-time polymerase chain reaction (real-time PCR, or qPCR) is a laboratory technique of molecular biology based on the polymerase chain reaction (PCR). It monitors the amplification of a targeted DNA molecule during the PCR (i.e., in real ...
microbial testing using laboratory-developed assays.
Labcorp also provides testing in
Puerto Rico
Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated ...
and, outside the United States, in three
Canadian province
Within the geographical areas of Canada, the ten provinces and three territories are sub-national administrative divisions under the jurisdiction of the Canadian Constitution. In the 1867 Canadian Confederation, three provinces of British North ...
s.
In February 2022, Labcorp announced that it has entered into agreements with Ascension, one of the nation’s leading Catholic and non-profit health systems, to manage Ascension’s hospital-based laboratories in 10 states and purchase select assets of the health system’s outreach laboratory business.
Labcorp utilizes a fleet of eight
Pilatus PC-12
The Pilatus PC-12 is a pressurized, single-engined, turboprop aircraft, manufactured by Pilatus Aircraft of Stans, Switzerland, since 1991. It was designed as a high-performance utility aircraft that incorporates a large aft cargo door in ad ...
and a single
Pilatus PC-24
The Pilatus PC-24 is a light business jet produced by Pilatus Aircraft of Switzerland.
Following the success of the PC-12 single engine turboprop, work on the twin engine jet began in 2007 for greater range and speed, keeping the rugged airf ...
aircraft on nightly runs from
Burlington
Burlington may refer to:
Places Canada Geography
* Burlington, Newfoundland and Labrador
* Burlington, Nova Scotia
* Burlington, Ontario, the most populous city with the name "Burlington"
* Burlington, Prince Edward Island
* Burlington Bay, no ...
for use on the East Coast. Prior to the acquisition of PC-12 aircraft Labcorp utilized seven
PA-31-350's.
History
Revlon
National Health Laboratories Incorporated began in 1978.
[Name NATIONAL HEALTH LABORATORIES INCORPORATED, Organization Number 0111772](_blank)
Kentucky Secretary of State, Business Services, File Date 9/5/1978 The company was a national blood and
pathology
Pathology is the study of the causes and effects of disease or injury. The word ''pathology'' also refers to the study of disease in general, incorporating a wide range of biology research fields and medical practices. However, when used in ...
laboratory owned by the
Revlon Health Care Group
Revlon, Inc. is an American multinational company dealing in cosmetics, skin care, fragrance, and personal care. The headquarters of Revlon was established in New York City on March 1, 1932, where it still remains. Revlon was founded by brother ...
, and managed by
Michael E. Lillig for seven years. Lillig had earlier been with
Becton, Dickinson and Company
Becton, Dickinson and Company, also known as BD, is an American multinational medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD also provides consulting and analytics services in certai ...
. At National Health Laboratories, Inc. he grew annual sales of the company each year by 43%, with revenue reaching $12 million by the end of his tenure. Lillig then left to found several health-care companies, including
Syscor
Nisoldipine is a pharmaceutical drug used for the treatment of chronic angina pectoris and hypertension. It is a calcium channel blocker of the dihydropyridine class. It is sold in the United States under the proprietary name Sular. Nisoldipine h ...
, Inc., Intelysis, Inc.,
Asterion
In Greek mythology, Asterion (Greek: , gen.: , literally "starry") or Asterius () may refer to the following figures:
* Asterion, one of the Potamoi.
* Asterius, one of the Giants.
* Asterion, an attendant of the starry-god Astraeus.
* Aster ...
, LLC and
MetaCyte's
3DR in
Louisville, Kentucky
Louisville ( , , ) is the largest city in the Commonwealth of Kentucky and the 28th most-populous city in the United States. Louisville is the historical seat and, since 2003, the nominal seat of Jefferson County, on the Indiana border ...
.
[Michael E. Lillig, Managing Director, Co-Founder & Board Member](_blank)
3DR, 2003
National Health Laboratories, Inc.
In 1988, National Health Laboratories became publicly traded on the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
exchange.
Revlon
Revlon, Inc. is an American multinational company dealing in cosmetics, skin care, fragrance, and personal care. The headquarters of Revlon was established in New York City on March 1, 1932, where it still remains. Revlon was founded by brothe ...
retained 24% ownership of the common shares,
for the next six years.
[Standard & Poors's Stock Guide, various issues] Revlon had been a publicly traded company since the 1950s, as it was during most of its ownership of National Health Laboratories. But in 1985, Revlon had been taken over by
Ronald Perelman
Ronald Owen Perelman (; born January 1, 1943) is an American banker, businessman and investor. MacAndrews & Forbes Incorporated, his company, has invested in companies with interests in groceries, cigars, licorice, makeup, cars, photography, t ...
.
Through early 1995, the National Health Laboratories principal executive offices were located at 4225 Executive Square, Suite 805, in
La Jolla, California
La Jolla ( , ) is a hilly, seaside neighborhood within the city of San Diego, California, United States, occupying of curving coastline along the Pacific Ocean. The population reported in the 2010 census was 46,781.
La Jolla is surrounded on ...
.
[NATIONAL HEALTH LABORATORIES HOLDINGS INC., SEC FORM 8-B](_blank)
Shareholder.com, March 8, 1994
In 1989, the company generated revenue of about US$400 million, with about US$70 million in earnings.
New York Times Archives, Published: July 17, 1990
In 1990, the company's revenues reached US$500 million, with over US$70 million in earnings.
That year, the company began paying a cash
dividend
A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a portion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-in ...
to shareholders.
In 1991, National Health Laboratories moved from the NASDAQ OTC exchange to the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
, where it began to trade under the new ticker symbol NH.
Up until that time the company had performed very well, including through the
1990-1991 recession. Its earnings peaked that year at almost US$90 million, and its stock price had risen from its low within the prior few years by several-fold.
However, beginning in 1991 the company became embroiled in Operation "
Labscam," a nationwide crackdown on fraud in the health-care system, initiated by the U.S. Attorney's Office in
San Diego, California
San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the eighth most populous city in the United States ...
. The charges were that the company and others routinely submitted false claims to the government health-care agencies
Medicare and
Medicaid
Medicaid in the United States is a federal and state program that helps with healthcare costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, including nursing home care and pers ...
for unnecessary tests which physicians had never ordered. In 1992, National Health Laboratories became the first of the companies to be prosecuted in the government operation.
[OPERATION LABSCAM, Labcorp of America, SmithKline Beecham](_blank)
and Corning, Inc (now Quest Diagnostics), compiled by Michael Wynne, August 2003
In 1992, the company reported revenues of over US$720 million, however with earnings of only US$40 million. The small gain that year reflected a fourth quarter charge of US$80 million, which the company paid in a settlement agreement with state and federal governments related to the LABSCAM investigation.
New York Times Archives, Published: February 8, 1994 The total payments made by National Health Laboratories in the settlement came to US$111 million that year,
New York Times, By MILT FREUDENHEIM, Published: December 15, 1994 and ultimately reached US$173 million.
In 1993, revenues were up to US$761 million, with new peak earnings of nearly US$113 million.
By that time the company had 22 major laboratories.
The stock price reached a new all-time high in 1993, which became the peak for the next couple of years, and the company was added to the S&P MidCap 400 list.
National Health Laboratories Holdings
On March 8, 1994, National Health Laboratories Inc. reorganized as a holding company, National Health Laboratories Holdings Inc.
By 1994,
MacAndrews & Forbes Holdings Inc. owned the Revlon Holdings Group's former 24 percent of National Health Laboratories Holdings.
That company was a distributor of
licorice
Liquorice (British English) or licorice (American English) ( ; also ) is the common name of ''Glycyrrhiza glabra'', a flowering plant of the bean family Fabaceae, from the root of which a sweet, aromatic flavouring can be extracted.
The liq ...
extract and chocolate, which had previously been taken over, along with Revlon, by
Ronald Perelman
Ronald Owen Perelman (; born January 1, 1943) is an American banker, businessman and investor. MacAndrews & Forbes Incorporated, his company, has invested in companies with interests in groceries, cigars, licorice, makeup, cars, photography, t ...
in the 1980s.
On May 4, 1994, National Health Laboratories announced that it would acquire
Allied Clinical Laboratories, Inc., of
Nashville, Tennessee
Nashville is the capital city of the U.S. state of Tennessee and the county seat, seat of Davidson County, Tennessee, Davidson County. With a population of 689,447 at the 2020 United States census, 2020 U.S. census, Nashville is the List of muni ...
,
reducing their takeover offer to $204 million after federal officials issued new subpoenas in an investigation of Medicare billing practices at Allied Clinical Laboratories Inc. In 1993, Allied generated revenues of US$163 million. The former president and CEO of Allied Clinical,
Haywood D. Cochrane, Jr., then became Vice Chairman of National Health Laboratories. In order to complete the cash transaction, the company discontinued paying its dividend at that time.
[National Health Laboratories Inc · 10- Q · For 3/31/94](_blank)
SECInfo.com, Filed On 5/10/94, SEC File 1-10740, Accession Number 832427-94-14
By the end of 1994, the company had run into financial difficulty again, as it struggled through the economic
soft landing Soft landing may refer to:
*Soft landing (aeronautics)
A soft landing is any type of aircraft, rocket or spacecraft landing that does not result in significant damage to or destruction of the vehicle or its payload, as opposed to a hard la ...
that year. Its earnings dropped by over two-thirds, to only US$30 million. The stock never traded that year at more than half of its 1993 peak, and at its 1994 low, it was down by nearly two-thirds from the all-time high.
Laboratory Corporation of America Holdings
1990s
On April 28, 1995, National Health Laboratories Holdings Inc. merged with
Roche
F. Hoffmann-La Roche AG, commonly known as Roche, is a Swiss multinational healthcare company that operates worldwide under two divisions: Pharmaceuticals and Diagnostics. Its holding company, Roche Holding AG, has shares listed on the SIX ...
Biomedical Laboratories, Inc., and changed its name to Laboratory Corporation of America Holdings. It began trading under its new ticker symbol LH.
[Laboratory Corp of America Holdings · 10-Q · For 3/31/95](_blank)
SECInfo.com, Filed On 5/15/95, SEC File 1-11353, Accession Number 920148-95-11 Shareholders of National Health Laboratories received 0.72 shares of the new company, plus $5.60 in cash, for a 50.1 percent interest in the new company. At the time,
James R. Maher was president and
Chief Executive Officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
of National Health Laboratories. Following the merger, Maher relinquished those positions, and instead became Chairman of the new company, succeeding the financier Ronald O. Perelman in that position. Perelman received about US$100 million from the deal, which made the new company the largest blood-testing company in the United States.
The merged company created revenues of US$1.7billion.
National Health Laboratories already held long-term debt of US$351million.
Together with the Roche debt, the combined companies owed US$590million prior to the merger. Another US$288 million was added to help finance the payout to shareholders.
By year-end 1995, the new company's total debt reached US$959million.
Roche Biomedical Laboratories had been created by and was a wholly owned subsidiary of
Hoffmann-La Roche
F. Hoffmann-La Roche AG, commonly known as Roche, is a Swiss multinational healthcare company that operates worldwide under two divisions: Pharmaceuticals and Diagnostics. Its holding company, Roche Holding AG, has shares listed on the SIX ...
, Inc., the American arm of the Swiss medical conglomerate,
Roche Holding, Limited. Before 1982, the core of Roche Biomedical Laboratories had been
Biomedical Reference Laboratories, which dated from the late 1960s, and was located in Burlington, North Carolina. That core company had become publicly traded in 1979. Hoffman-La Roche acquired it for US$163.5million in 1982 and then merged it with all of its laboratories, and incorporated the merged company that year as Roche Biomedical Laboratories, Inc. in Burlington. By the early 1990s, Roche Biomedical had become one of the largest clinical laboratory networks in the United States, with US$600million in sales.
[Roche Biomedical Laboratories, Inc.](_blank)
FundingUniverse.com
By 1993 Roche Biomedical Laboratories had revenues of US$712million, with 17 major laboratories. Dr.
James Powell was President of Roche Biomedical, and after the merger with National Health Laboratories he became president and CEO of the new company, Laboratory Corporation of America Holdings, which then relocated from La Jolla, California, to the Roche Biomedical headquarters in Burlington, North Carolina. Hoffmann-La Roche also contributed US$186.7 million in cash to the deal, and retained 49.9 interest in the new merged company.
By year-end 1995, the new Laboratory Corporation of America Holdings suffered a marginal loss of a few million dollars. The stock price dropped by almost half again through the year, to within 10% of its all-time low since going public six years earlier. By early the next year, it broke marginally below that level, and set a new all-time low.
In July 1998, Labcorp acquired the Michigan-based laboratory division of ''Universal Standard Healthcare'' (UHCI). Labcorp also acquired an equity position in Universal Standard Healthcare and has become UHCI's clinical laboratory long-term testing provider but terminated this agreement one year later.
2000s
![Fecal occult blood immunoassay testing kit](https://upload.wikimedia.org/wikipedia/commons/9/99/Fecal_occult_blood_immunoassay_testing_kit.jpg)
In June 2000, Labcorp completed the acquisition of
San Diego
San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the List of United States cities by population, eigh ...
–based ''Pathology Medical Laboratories'' for an undisclosed amount.
In 2000, Labcorp generated revenues of US$1.9billion with over 18,000 employees.
In May 2001, Labcorp completed its acquisition of ''Path Lab Holdings Inc.'', the largest regional laboratory in
New England
New England is a region comprising six states in the Northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It is bordered by the state of New York to the west and by the Canadian provinces ...
, and just a few weeks later the acquisition of
Minneapolis
Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. Minneapolis has its origins ...
-based ''ViroMed Inc.'', specialized on clinical diagnostic testing in
virology
Virology is the Scientific method, scientific study of biological viruses. It is a subfield of microbiology that focuses on their detection, structure, classification and evolution, their methods of infection and exploitation of host (biology), ...
,
molecular biology
Molecular biology is the branch of biology that seeks to understand the molecular basis of biological activity in and between cells, including biomolecular synthesis, modification, mechanisms, and interactions. The study of chemical and physi ...
,
serology
Serology is the scientific study of Serum (blood), serum and other body fluids. In practice, the term usually refers to the medical diagnosis, diagnostic identification of Antibody, antibodies in the serum. Such antibodies are typically formed in r ...
,
microbiology
Microbiology () is the scientific study of microorganisms, those being unicellular (single cell), multicellular (cell colony), or acellular (lacking cells). Microbiology encompasses numerous sub-disciplines including virology, bacteriology, prot ...
,
mycology
Mycology is the branch of biology concerned with the study of fungi, including their genetic and biochemical properties, their taxonomy and their use to humans, including as a source for tinder, traditional medicine, food, and entheogens, as ...
and mycobacteriology, as well as in tissue/eye bank testing, for an undisclosed amount.
In December 2001, Labcorp became the exclusive marketer for genomics and
proteomics
Proteomics is the large-scale study of proteins. Proteins are vital parts of living organisms, with many functions such as the formation of structural fibers of muscle tissue, enzymatic digestion of food, or synthesis and replication of DNA. In ...
predictive cancer test products made by
Myriad Genetics
Myriad Genetics, Inc. is an American genetic testing and precision medicine company based in Salt Lake City, Utah, United States. Myriad employs a number of proprietary technologies that permit doctors and patients to understand the genetic bas ...
, Inc.
In May 2002, Labcorp announced the acquisition of all outstanding Shares of Canadian medical laboratory services company
Dynacare Inc. for $480million in cash and own shares.
In January 2003, Labcorp acquired all of the outstanding shares of ''Dianon'', a provider of
anatomical pathology
Anatomical pathology (''Commonwealth'') or Anatomic pathology (''U.S.'') is a medical specialty that is concerned with the diagnosis of disease based on the macroscopic, microscopic, biochemical, immunologic and molecular examination ...
and
oncology
Oncology is a branch of medicine that deals with the study, treatment, diagnosis and prevention of cancer. A medical professional who practices oncology is an ''oncologist''. The name's etymological origin is the Greek word ὄγκος (''ó ...
testing services, for $598 million in cash.
In 2005, Labcorp's revenues totaled $3.3 billion; in 2006, revenues were $3.6billion; and in 2007, revenues reached $4.1billion.
In March 2005, Labcorp announced the acquisition of all outstanding Shares of ''Esoterix, Inc.'', a leading provider of specialty reference testing, for approximately $150 million in cash from private equity firm ''Behrman Capital''.
In November 2006, Labcorp acquired ''Litholink Corporation'', a
kidney stone
Kidney stone disease, also known as nephrolithiasis or urolithiasis, is a crystallopathy where a solid piece of material (kidney stone) develops in the urinary tract. Kidney stones typically form in the kidney and leave the body in the urine s ...
analysis laboratory.
In December 2007, Labcorp acquired ''Tandem Labs'', a
Contract research organization In the life sciences, a contract research organization (CRO) is a company that provides support to the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis. A CRO may provid ...
specializing in advanced
mass spectrometry
Mass spectrometry (MS) is an analytical technique that is used to measure the mass-to-charge ratio of ions. The results are presented as a ''mass spectrum'', a plot of intensity as a function of the mass-to-charge ratio. Mass spectrometry is use ...
, immunoanalytical support,
pharmacokinetics
Pharmacokinetics (from Ancient Greek ''pharmakon'' "drug" and ''kinetikos'' "moving, putting in motion"; see chemical kinetics), sometimes abbreviated as PK, is a branch of pharmacology dedicated to determining the fate of substances administered ...
, and
pharmacodynamics
Pharmacodynamics (PD) is the study of the biochemical and physiologic effects of drugs (especially pharmaceutical drugs). The effects can include those manifested within animals (including humans), microorganisms, or combinations of organisms (fo ...
, headquartered in
Salt Lake City, UT
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the ...
for an undisclosed amount.
In June 2009, Labcorp acquired
Monogram Biosciences, a diagnostic lab specializing in HIV resistance testing, headquartered in
South San Francisco, CA, in a cash tender of $4.55 per share for approximately $155million including debt.
2010s
![PAML](https://upload.wikimedia.org/wikipedia/commons/4/46/PAML.jpg)
In May 2010, Labcorp acquired the assets of its
Santa Ana, California
Santa Ana () is the second most populous city and the county seat of Orange County, California. Located in the Greater Los Angeles region of Southern California, the city's population was 310,227 at the 2020 census, making Santa Ana the List of ...
-based rival ''Westcliff Medical Laboratory'' which had just filed a
Chapter 11
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wheth ...
bankruptcy action in federal court. The FTC challenged this acquisition but lost in court.
In September 2010, Labcorp announced the acquisition of ''Genzyme Genetics'', formerly a division of
Genzyme
Genzyme was an American biotechnology company based in Cambridge, Massachusetts. Since its acquisition in 2011, Genzyme (also known as Genzyme Transgenics Corp or GTC Biotherapeutics) has been a fully owned subsidiary of Sanofi. In 2010, Genzyme ...
, with 9 testing laboratories and approximately 1900 employees, for $925 million in cash.
In June 2011, Labcorp acquired their Canadian central labs partner ''Clearstone'' from investment firm ''Czura Thornton'' for an undisclosed amount, thus adding Clearstone's global network of central laboratories, including sites in China, France, Singapore and Canada, and the central laboratory protocol management system APOLLO CLPM to their portfolio.
In November 2011, Labcorp completed the acquisition of more than 90% of the shares of DNA testing company ''Orchid Cellmark'' for $85 million but had to sell parts of Orchid's
paternity business to ''DNA Diagnostics Center''.
In May 2012, Labcorp Clinical Trials sold its European biological sampling kit building operation located in
Hamburg
(male), (female) en, Hamburger(s),
Hamburgian(s)
, timezone1 = Central (CET)
, utc_offset1 = +1
, timezone1_DST = Central (CEST)
, utc_offset1_DST = +2
, postal ...
to clinical
supply chain
In commerce, a supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products to customers through a distribution system. It refers to the network of organizations, people, acti ...
solutions provider ''Marken''.
In August 2012, Labcorp completed the acquisition of rival testing lab ''Medtox Scientific'' for $241 million.
In September 2013, Labcorp acquired ''MuirLab'', the clinical laboratory
outreach
Outreach is the activity of providing services to any population that might not otherwise have access to those services. A key component of outreach is that the group providing it is not stationary, but mobile; in other words, it involves meetin ...
business from
John Muir Health.
In October 2014, Labcorp announced it had entered into an agreement to acquire
Covance Inc.
Labcorp Drug Development is a contract research organization (CRO) headquartered in Burlington, North Carolina, providing nonclinical, preclinical, clinical and commercialization services to pharmaceutical and biotechnology industries. Formerly ...
for approximately $6.1billion. Just a few weeks later, Labcorp completed its $85.3million acquisition of ''LipoScience'', a developer of diagnostic tests based on
nuclear magnetic resonance technology measuring heart disease risk.
In December 2014, Labcorp announced the completion of its acquisition of ''Bode Technology Group, Inc.'', a provider of
forensic
Forensic science, also known as criminalistics, is the application of science to Criminal law, criminal and Civil law (legal system), civil laws, mainly—on the criminal side—during criminal investigation, as governed by the legal standard ...
DNA analysis,
DNA collection products, and relationship testing, ''from SolutionPoint International, Inc.'' for an undisclosed amount. Bode was described in 2019 as the largest DNA forensic testing company in the USA.
In October 2015, Labcorp announced the acquisition of ''Safe Foods International Holdings, LLC'' and its two operating companies, ''International Food Network'' and ''The National Food Laboratory'' for an undisclosed amount, thus expanding their capabilities in food and beverage product-development and product-integrity.
In March 2016, Labcorp completed the acquisition of
Torrance, CA
Torrance is a city in the Los Angeles metropolitan area located in Los Angeles County, California, United States. The city is part of what is known as the South Bay region of the metropolitan area. Torrance has of beachfront on the Pacific O ...
-based laboratory firm ''Pathology Inc.'', a provider of expertise in reproductive FDA donor testing as well as anatomic, molecular and digital pathology services, for an undisclosed amount.
In August 2016, Labcorp announced it would acquire
Sequenom for $371 million including debt, thus expanding its reach overseas, especially in Europe and Asia.
In October 2016, Labcorp acquired ''ClearPath Diagnostics'', a provider of laboratory diagnostic services in the Northeastern United States, from private equity firm ''Shore Capital Partners'' for an undisclosed amount.
In May 2017, Labcorp acquired the Pathology Associates Medical Laboratories in
Spokane, Washington
Spokane ( ) is the largest city and county seat of Spokane County, Washington, United States. It is in eastern Washington, along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south of the Canada ...
, from Providence Health & Services and Catholic Health Initiatives for an undisclosed sum.
In July 2017, Labcorp acquired the contract research organization (CRO) Chiltern for $1.2billion.
2020s
In March 2020, Labcorp received
emergency use authorization
An Emergency Use Authorization (EUA) in the United States is an authorization granted to the Food and Drug Administration (FDA) under sections of the Federal Food, Drug, and Cosmetic Act as added to and amended by various Act of Congress, Acts of ...
from the FDA for a test for
Severe acute respiratory syndrome coronavirus 2
Severe acute respiratory syndrome coronavirus 2 (SARS‑CoV‑2) is a strain of coronavirus that causes COVID-19 (coronavirus disease 2019), the respiratory illness responsible for the ongoing COVID-19 pandemic. The virus previously had a No ...
to help mitigate the
COVID-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
.
Labcorp is one of the six large commercial lab companies that are conducting most of the United States' coronavirus testing, along with
ARUP,
BioReference Laboratories,
Mayo Clinic
The Mayo Clinic () is a nonprofit American academic medical center focused on integrated health care, education, and research. It employs over 4,500 physicians and scientists, along with another 58,400 administrative and allied health staff, ...
,
Quest Diagnostics
Quest Diagnostics is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe. ...
, and
Sonic Healthcare
Sonic Healthcare Limited is a Sydney-based, Australian company that provides laboratory services, pathology, and radiology services.
Scope
Sonic Healthcare Limited has a presence in Australia, New Zealand, United States, United Kingdom, Germ ...
.
According to the
American Clinical Laboratory Association, by April 1, together these laboratories had completed 807,000 COVID-19 tests.
In November 2021, the business announced it would acquire contract research organisation Toxikon. In December, the company announced it would acquire
Personal Genome Diagnostics Inc. and its liquid biopsy and tissue-based
genomic
Genomics is an interdisciplinary field of biology focusing on the structure, function, evolution, mapping, and editing of genomes. A genome is an organism's complete set of DNA, including all of its genes as well as its hierarchical, three-dim ...
product.
In February 2022, Labcorp announced that it has entered into agreements with Ascension, one of the nation’s leading Catholic and nonprofit health systems, to manage Ascension's hospital-based laboratories in ten states and purchase select assets of the health system's outreach laboratory business.
Acquisition history
* Labcorp
(Est as National Health Laboratories, Inc., 1978, then National Health Laboratories Holdings Inc., 1994)
** Labcorp
*** Laboratory Corporation of America Holdings
(Est 1995 through the merger of National Health Laboratories Holdings and Roche Biomedical Laboratories)
**** National Health Laboratories Holdings Inc.
(Merged 1995)
***** Allied Clinical Laboratories, Inc.
(Acq 1994)
**** Roche Biomedical Laboratories, Inc.
(Merged 1995)
*** Universal Standard Healthcare
(Acq 1998, Laboratory division)
*** Pathology Medical Laboratories
(Acq 2000)
*** Path Lab Holdings Inc.
(Acq 2001)
*** ViroMed Inc.
(Acq 2001)
***
Dynacare
Gamma-Dynacare Medical Laboratories is a Canadian medical laboratory services company based in Brampton, Ontario, Canada. Dynacare operates laboratories in Brampton, Bowmanville, London, Ottawa, Thunder Bay, Pointe-Claire, Laval, and Winnipeg. ...
(Acq 2003)
*** Esoterix, Inc.
(Acq 2005)
*** Litholink Corporation
(Acq 2006)
*** Tandem Labs
(Acq 2007)
***
Monogram Biosciences (Acq 2009)
*** Westcliff Medical Laboratory
(Acq 2010)
***
Genzyme Genetics (Acq 2010)
*** Clearstone
(Acq 2011)
*** Orchid Cellmark
(Acq 2011)
*** Medtox Scientific
(Acq 2012)
*** MuirLab
(Acq 2013)
***
Covance Inc.
Labcorp Drug Development is a contract research organization (CRO) headquartered in Burlington, North Carolina, providing nonclinical, preclinical, clinical and commercialization services to pharmaceutical and biotechnology industries. Formerly ...
(Acq 2014)
**** Virtual Center Laboratory B.V.
(Acq 2002)
**** GFI Clinical Services
(Acq 2005)
**** Signet Laboratories, Inc.
(Acq 2006)
**** Medaxial
(Acq 2014)
**** Sciformix Corporation
(Acq 2018)
*** LipoScience
(Acq 2014)
*** Bode Technology Group, Inc.
(Acq 2014)
*** SolutionPoint International, Inc.
(Acq 2014)
*** Safe Foods International Holdings, LLC
(Acq 2015)
**** International Food Network
**** The National Food Laboratory
*** Pathology Inc.
(Acq 2016)
***
Sequenom (Acq 2016)
*** ClearPath Diagnostics
(Acq 2016)
*** Pathology Associates Medical Laboratories
(Acq 2017)
*** Chiltern
(Acq 2017)
*** Toxikon
(Acq 2021)
***
Personal Genome Diagnostics (Acq 2021)
Incidents
Labcorp has been criticized for its practice of paying the salaries of genetic counselors in hospitals and doctors' offices, which is perceived to be a possible conflict of interest.
In July 2018, Labcorp was hit with a
ransomware
Ransomware is a type of malware from cryptovirology that threatens to publish the victim's personal data or permanently block access to it unless a ransom is paid off. While some simple ransomware may lock the system without damaging any files, ...
attack.
Labcorp has been criticised over faulty paternity tests, many of which have gone to court. The most notable case was the 2005 false accusation of Washington hairdresser Andre Chreky, who had to spend $200,000 and years in court proving despite a false-positive test that he was not the father.
Labcorp has frequently been the subject of controversy and protest in the United Kingdom for its use of Animal Research models. Particularly at its site in Huntingdon, formerly
Huntingdon Life Sciences
Huntingdon Life Sciences (HLS) was a contract research organisation (CRO) founded in 1951 in Cambridgeshire, England. It had two laboratories in the United Kingdom and one in the United States. With over 1,600 staff, it was until 2015 the larges ...
.
Corporate governance
, the Labcorp Board of Directors includes Garheng Kong.
In 1997 Roche owned 49.7% of Labcorp but sold all of their Labcorp stock until 2002.
Notable people
*
Brian Caveney, Chief Medical Officer (2019-)
References
External links
*
*
Labcorp Profile at Wikinvest
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Companies listed on the New York Stock Exchange
Health care companies established in 1978
Health care companies based in North Carolina
Life sciences industry
Burlington, North Carolina
1980s initial public offerings
American companies established in 1978