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Labcorp Bolsters Liquid Biopsy Capabilities With $450M PGDx Acquisition

Benzinga2021-12-23

Laboratory Corp of America Holdings has agreed to acquire Personal Genome Diagnostics Inc (PGDx), a cancer genomics firm with a portfolio of comprehensive liquid biopsy and tissue-based products.

  • Labcorp will pay $450 million in cash at closing and up to an additional $125 million on achieving future performance milestones.
  • The addition of PGDx complements & accelerates Labcorp’s existing liquid biopsy capabilities and expands its oncology portfolio of next-generation sequencing (NGS)-based genomic profiling capabilities.
  • PGDx offers the only diagnostic kit cleared by the FDA for pan-solid cancer comprehensive tumor profiling using a 500+ gene panel.
  • PGDx 2021 revenues are expected to be approximately $22 million, with projected revenues for 2022 expected to be nearly $40 million.
  • Labcorp expects the acquisition to be slightly dilutive to its adjusted EPS over the next couple of years and provide returns over its cost of capital by year five.
  • The transaction is expected to close in 1H of 2022.
  • Price Action: LH shares closed higher by 0.54% at $304.22 on Wednesday.

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