Labcorp is acquiring Millennium Health to boost the medtech giant’s toxicology testing capabilities throughout the U.S.
The deal, financials of which were not made public, will also provide clinical data for patients living with chronic pain, substance use disorders, and mental health challenges.
Millennium Health’s accredited specialty laboratory tests for recent use of prescription medications and illicit drugs.
The acquisition is in step with Labcorp’s strategy of accelerating growth by expanding its testing business and follows acquisitions of Myriad Genetics, Millennium Health, OPKO Health and assets from BioReference Health, all of which were announced this fall.
Labcorp said in a release that patients, clinicians and Millennium customers are expected to benefit from Labcorp’s extensive test menu, patient service center (PSC) network, and digital solutions to assist with test ordering and result delivery.
“By combining Labcorp's national scale, scientific leadership and digital capabilities with Millennium Health's specialized toxicology testing capabilities and unique drug surveillance tools, we have an opportunity to make a greater impact on people living with chronic pain, mental health conditions and substance use disorders,” said Andrea Throop, Ph.D., Head of Toxicology at Labcorp, in a statement.
“We are committed to building upon Millennium's strong reputation and broadening access to high-quality toxicology services for providers and their patients.”
“I am incredibly proud of what our team has been able to accomplish at Millennium Health and am very excited about what the next chapter holds,” added Millennium Health CEO Scott Walton.
“We are committed to our mission of helping customers improve patient care and avoid tragedy, and we are excited about how this acquisition by Labcorp will strengthen our ability to fulfill this role in communities across the country.”