BURLINGTON – Labcorp (NYSE: LH) will grow its international presence in Japan through expanding CB Trial Laboratory, the central laboratory co-managed by Labcorp Drug Development and BML, a leading Japanese provider of clinical laboratory testing services, the Burlington, N.C.-headquartered company announced last month.
“The laboratory expansion provides additional capabilities and capacity and opens the door to enriched services, more resources and better outcomes for our clients and patients,” said said Dr. Kensuke Kondo, president of Japanese company BML, in a statement.
BML and Labcorp will begin construction on a new laboratory facility in the city of Kawagoe, Saitama.
The facility, once constructed, will expand “capacity and services for pharmaceutical and biotechnology clients,” the statement reads, and will “bolster Labcorp Drug Development’s central laboratory services offerings in Japan and sets the stage for a continued acceleration of companion diagnostic capabilities.”
It will be located near an existing laboratory of BML’s and will be five times larger than the prior space, according to the statement.
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Expanding in Japan
“Labcorp Drug Development remains committed to growing its Japanese operations and services through continued expansion and partnerships,” said Honggang Bi, senior vice president and head of Asia-Pacific for Labcorp Drug Development, in the statement. “Broadening our work with BML and increasing our laboratory footprint means we will be able to offer shorter turnaround times, superior in-country sample management and full lab testing services for global clinical trials in Japan. This will benefit patients, clients and health care providers by providing them with the information needed to make key decisions.”
In addition, the new facility will give the organizations additional capabilities “such as genomics, microbiology and companion diagnostics in addition to expanded offerings in current lab capabilities including flow cytometry, immunology, and anatomical pathology and histology,” the statement notes.
It is expected to be completed in early 2025.
Completion of the expanded laboratory is expected by early 2025. The companies renewed their partnership, which has existed since 2010, in 2020.
Labcorp’s most recent quarterly earnings surpassed expectations.
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