Labcorp Announces Definitive Agreement to Acquire Millennium Health

Original from: Labcorp

Labcorp (NYSE: LH), a global leader in innovative and comprehensive laboratory services, and Millennium Health, an accredited specialty laboratory with more than 15 years of experience in drug testing and surveillance, today announced that they have entered into a definitive agreement for Labcorp to acquire Millennium Health.

Millennium Health provides critical insights into patients’ recent use of prescription medications and/or illicit drugs, helping clinicians more effectively monitor and treat individuals living with chronic pain, substance use disorders, mental health conditions and other health needs.

Upon integration, patients, clinicians and Millennium customers are expected to benefit from Labcorp’s extensive test menu, patient service center (PSC) network of convenient locations across the U.S. and leading digital solutions to assist with test ordering and result delivery.

“By combining Labcorp's national scale, scientific leadership and digital capabilities with Millennium Health's specialized toxicology testing capabilities and unique drug surveillance tools, we have an opportunity to make a greater impact on people living with chronic pain, mental health conditions and substance use disorders,” said Andrea Throop, Ph.D., Head of Toxicology at Labcorp. “We are committed to building upon Millennium's strong reputation and broadening access to high-quality toxicology services for providers and their patients.”

“I am incredibly proud of what our team has been able to accomplish at Millennium Health and am very excited about what the next chapter holds,” said Millennium Health CEO Scott Walton. “We are committed to our mission of helping customers improve patient care and avoid tragedy, and we are excited about how this acquisition by Labcorp will strengthen our ability to fulfill this role in communities across the country.”

The transaction is subject to applicable regulatory approvals and customary closing conditions. Financial terms were not disclosed.

Hogan Lovells Cadwalader served as legal counsel for Labcorp, and Blank Rome served as legal counsel for Millenium Health.

Source: Labcorp Announces Definitive Agreement to Acquire Millennium Health