The clinical laboratory and drug development services provider acquired Spokane, Washington-based PAML, medical reference laboratories and a healthcare solutions company.
Per the acquisition, PAML will operate as a subsidiary of LabCorp.
Donald R. Von Hagen, a spokesperson for LabCorp, told Outsourcing-Pharma.com the acquisition reflects the company’s emphasis on collaborations with hospitals and health systems in important markets across the country.
The acquisition also extends LapCorp’s relationship with PAML’s former owners, Providence Health & Service and Catholic Health Initiatives, in addition to various community-based hospitals across multiple states.
“Our hospital collaborations cover the full range of laboratory services with a goal to deliver high-quality, cost-effective care,” Hagen said.
“LabCorp also uniquely offers the opportunity for the hospital to become a research hub through Covance Drug Development, allowing its providers and patients to participate in research and clinical trials,” he added.
According to Hagen, the goal is to provide direct access to the additional capabilities of LabCorp, including IT and data analytics, standardized testing platforms, broad patient access, and access to clinical trials and research through Covance.
Through 2017 and into the next year Hagen said the company will be completing the acquisition of several PAML joint ventures. “As those progress we will integrate the operations and business of PAML and its joint ventures with LabCorp’s logistics and IT infrastructure and our national network of regional and specialty laboratories,” he added.