The global life sciences company Labcorp has announced the acquisition of Ovia Health, a digital health platform focused exclusively on women’s health. No specific financial terms were disclosed.
Although Ovia highlights its health application for individual patients that provide daily, personalized family health support and data feedback to guide them through pregnancy, the company also works with employers and health plans. For employers, Ovia offers a platform that integrates within the company’s family benefits ecosystem, offering health plan care management, fertility and family building benefits, onsite and virtual care, patient engagement programs and more. On Ovia’s website, it claims that its employer platform has a “4:1 return on investment,” including a “28% reduction in preterm delivery and NICU stays.” More than 2,000 employers subscribe to the platform.
For health plans, Ovia focuses on preventive measures. Its health plans tools, including remote monitoring, dynamic assessments, symptom monitoring, and analytics, are used to identify risks early and navigate members to case management and care. its clinical algorithms continuously evaluate 70+ high-risk triggers well in advance of claims identification.
The acquisition marks Labcorp’s continued investment in its women’s health capabilities and represents the next step in a The acquisition marks Labcorp’s continued investment in its women’s health capabilities and represents the next step in a collaborative relationship developed during the past year. The two companies began exploring ways of leveraging their shared commitment to improving patient outcomes following a strategic investment from Labcorp’s Venture Fund in August 2020. Ovia has about $20 million in annual revenues and maintains key partnerships with leading universities and research groups.
Kilpatrick Townsend & Stockton LLP served as legal advisor to Labcorp. Raymond James & Associates, Inc. served as exclusive financial advisor and Foley Hoag LLP served as legal advisor to Ovia Health.
