Labcorp Completes Acquisition of Specialty Drug Testing Lab Company for $375M

Labcorp has completed its acquisition of an accredited specialty laboratory service group that conducts urinalysis for drug testing, healthcare and surveillance. The deal is worth $375 million.

In an announcement, the North Carolina-based healthcare diagnostics giant said it has taken control of Millennium Health, which has been operating in the specialty lab space for more than 15 years.

According to a filing with the U.S. Securities and Exchange Commission, the deal involves $245 million in cash up front, with another $130 million paid over time based on contingencies, mostly related to revenue growth.

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