Labcorp Announces Expansions to Oncology Portfolio

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Labcorp’s precision oncology portfolio is about to get bigger.

The company announced expansions to its portfolio that are aimed at advancing drug development programs. In a press release,¹ Labcorp explained that these additions will help support its pharmaceutical, biotechnology, and clinical research partners. They will also potentially improve cancer research and patient care on a global scale.

According to the press release, Labcorp’s are additions are: Labcorp Plasma Detect, enhancements to Plasma Complete, and the expansion of cell and gene therapy & development of antibody drug conjugates.

Labcorp’s chief medical and scientific officer Dr. Brian Caveney, said, “Labcorp is at the forefront of the evolution of precision oncology, expanding the understanding and application of biomarkers, enabling innovative technologies and platforms to deliver improved genomic profiling solutions, and delivering solutions designed to improve patient outcomes. Our portfolio expansion enhances our integrated services to empower our partners with the solutions and support they need to advance their development programs and make a lasting difference in patients' lives."

Plasma Detect is solution for identifying patients who have an increased risk of recurrence after treatment. It provides quick analysis and is designed for use in clinical applications. Plasma Complete, a genomic profiling assay, now has the ability to identify bot germline and clonal hematopoietic variants, which many of other profiling assays struggle with.

This is just the latest move by Labcorp to improve its overall business.

In March 2024, Labcorp announced that it entered into an agreement to acquire select assets of BioReference Health.² Those assets include BioReference’s laboratory testing businesses that are focused on clinical diagnostics, reproductive, and women’s health. These businesses are focused across the United States, aside from New York and New Jersey. BioReferences will maintain some of its operations across the US, and maintain all of its operations in New York and New Jersey.

BioReference Health is a subsidiary of OPKO Health.

Mark Shroeder is executive vice president, president of diagnostics laboratories, and chief operations officer at Labcorp. In a press release, he said, “Labcorp is committed to building on the excellent customer service that physicians and health systems have come to expect from BioReference Health, while expanding access and convenience for patients across the country. We look forward to working with the BioReference Health team to ensure a smooth transition following the close of the transaction. Combined with Labcorp's expertise and scale, we will help achieve better health outcomes for patients."

In the same press release, OPKO’s chairman and CEO Phillip Frost, MD, said, “Through this transaction we are able to significantly streamline our laboratory services business while retaining its core operations, positioning BioReference Health for sustained growth and profitability. This transaction is part of our previously announced effort to re-establish profitability at our clinical laboratory business while at the same time better positioning OPKO as an innovative biopharmaceutical company."

Source

1. Labcorp Announces Expansion of Precision Oncology Portfolio to Support Pharmaceutical, Biopharma, and Clinical Research in Advancing Drug Development Programs. Labcorp. April 8, 2024. https://www.prnewswire.com/news-releases/labcorp-announces-expansion-of-precision-oncology-portfolio-to-support-pharmaceutical-biopharma-and-clinical-research-in-advancing-drug-development-programs-302110293.html
2. Labcorp Announces Acquisition of Select Assets of BioReference Health's Diagnostics Business. Labcorp. March 28, 2024. Accessed April 8, 2024. https://www.prnewswire.com/news-releases/labcorp-announces-acquisition-of-select-assets-of-bioreference-healths-diagnostics-business-302102490.html