Labcorp entered into an agreement with Incyte Diagnostics to acquire select assets of its clinical testing business, including multiple same-day testing labs. The agreement also includes select technical assets of Incyte Diagnostics’ anatomic pathology (AP) business, such as its main AP laboratory in Spokane, Washington, and labs in Tukwila and Richland, Washington, and Missoula, Montana.
LabCorp, an S&P 500 company, is a global life sciences company that is integrated with guiding patient care, providing clinical laboratory and end-to-end drug development services. The company provides information to help doctors, hospitals, pharmaceutical companies, researchers and patients make decisions. LabCorp has more than 80,000 employees across more than 100 countries and had reported annual revenue of nearly $13 billion in 2024, according to the company’s 2024 fourth quarter and full-year results.
In this collaborative relationship, Incyte pathologists will continue to offer professional AP services to examine and interpret tissue samples, while Labcorp will provide tissue processing and slide preparation services. When complete, the transaction is expected to provide patients, physicians and customers with greater access to Labcorp’s laboratory services, scientific expertise and expanded testing capabilities in communities across the Pacific Northwest.
The transaction is expected to close later in 2025. Until that time, both companies will continue to operate independently, with no changes to operations or services. Financial terms of the deal were not disclosed.
This marks Labcorp’s third transaction announcement of 2025. The company acquired select assets of BioReference Health in March for up to $225 million, followed by North Mississippi Health Services’ assets for an undisclosed price in April.
According to data captured in the LevinPro HC database, this transaction marks the 45th Laboratories, MRI and Dialysis acquisition of 2025, and the 22nd in the diagnostic specialty. There were 63 diagnostic deals announced in both 2024 and 2023.
