May 16, 2022 Intelligence: Late-Breaking Lab News

Chalk up another lab outreach deal for Labcorp. The Burlington, N.C.-based company has agreed to acquire certain assets of AtlantiCare’s clinical laboratory outreach business. The deal was announced on May 9, with no financial terms disclosed. The outreach business of AtlantiCare, based in Egg Harbor Township, N.J., services AtlantiCare Physician Group and affiliated physicians in the southern part of the state. Labcorp now will operate many of AtlantiCare’s physician office phlebotomy sites and outpatient collection services. In February, Labcorp entered an agreement to manage dozens of hospital labs on behalf of Ascension Health based in St. Louis. Labcorp also spent $400 million to acquire certain assets of Ascension’s outreach lab services. 

MORE ON: AtlantiCare Deal 

AtlantiCare’s patients will be able to access Labcorp’s test menu through the latter company’s network of patient service centers, including at Walgreens. This is the latest sign of clinical laboratory testing moving away from hospitals and physician offices and into retail pharmacy spaces, a trend largely driven by changing consumer preferences for how they access healthcare. 

NASHVILLE’S PATHGROUP HAS NEW INVESTOR 

Last Friday, it was announced that Nashville-based PathGroup had a new majority investor, GTCR of Chicago. In addition to the new investor, the press release disclosed that “Dave King, the former Chairman and CEO of Labcorp, will join the PathGroup Board as Chairman.” As part of this transaction, PathGroup’s founder and CEO, Ben Davis, MD, and members of the PathGroup management team “made a substantial reinvestment in the company.” Pritzker Private Capital and Vesey Street Capital Partners will continue to retain a minority ownership stake in the labortory company. 

FULGENT GENETICS BUYS INFORM DIAGNOSTICS 

Avista Capital Partners, a private equity firm in New York City, has closed on the sale of Inform Diagnostics to Fulgent Genetics for $170 million. Inform Diagnostics is a pathology lab based in Irving, Texas, with 1,300 clients representing 2,700 physicians. Fulgent Genetics in Temple City, Calif., is a next-generation sequencing company. Avista bought Inform Diagnostics from Miraca Life Sciences in 2017 to form a standalone company. 

TRANSITIONS 

Rob Albert joined Versant Diagnostics in February as Chief Development Officer. He was previously VP/GM of the Northwest Region for Labcorp before leaving in 2019. 

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