BURLINGTON – Labcorp announced today that the company, which outpaced analyst’s expectations in its latest quarterly earnings report, has completed the purchase of an emerging cancer genomics company.
The deal to acquire Baltimore-based Personal Genome Diagnostics, also known as PGDx, is worth $450 million with the possibility of another $125 million going to its shareholders if benchmarks are met, according to prior WRAL TechWire reporting.
PGDx is expected to produce $22 million in revenue this year and $40 million in 2022, Labcorp noted in December when the deal was announced.
The acquired company also comes with a “portfolio of comprehensive liquid biopsy and tissue-based products,” Labcorp noted in a statement. The acquisition is anticipated to accelerate Labcorp’s existing liquid biopsy capabilities, Labcorp said, adding that the purchase would expand the company’s “oncology portfolio of next-generation sequencing (NGS)-based genomic profiling capabilities.”
Labcorp buys cancer genomics firm for $450M to expand oncology offerings
