Labcorp completes $375 million acquisition of Millennium Health

Labcorp has completed its acquisition of specialty laboratory Millennium Health for $375 million, according to a Labcorp news release cited by Becker’s Hospital Review. The deal includes $245 million payable in cash at closing and up to $130 million in additional consideration, contingent on the outcome of specified future events, MedTech Dive reported.

Millennium offers urine- and oral-fluid-based tests for prescription, over-the-counter and illicit drugs, MedTech Dive reported. Labcorp already provides drug testing to help physicians monitor patients prescribed controlled substances, people with a substance use disorder and people unintentionally exposed to drugs. MedTech Dive said the acquisition expands Labcorp’s presence in parts of the country where it previously had less access.