BURLINGTON,LabCorp is buying US Pathology Labs in an all-cash deal worth $155 million, the companies said Tuesday.
LabCorp (NYSE: LH) said the deal is expected to close in the first quarter of 2005.
US Pathology Labs, which is privately held and based in California, offers anatomic pathology and oncology testing services. It emphasizes the outpatient market.
“The proposed acquisition of US Labs is a key part of LabCorp’s efforts to continue to be a leading provider of anatomical pathology services, an important part of our cancer strategy,” said Tom Mac Mahon, CEO and chairman of LabCorp.
He also said the US Labs management team would stay on after the transaction is complete.