BUZZ-OPKO surges as it sells certain assets to Labcorp, with transaction amount reaching up to $872 millions

October 15 - ** OPKO Health (OPK.O) shares rose 31.4% in pre-market trading to $1.80

** Labcorp (LH.N) acquired part of OPKO Health’s laboratory testing business and more than 80 patient service centers for $722 million (link) in cash

** The deal also includes up to $150 million in milestone payments linked to revenue from a prostate cancer test

** Labcorp acquired the proprietary 4Kscore prostate cancer test to expand specialized diagnostic services coverage nationwide

** Both parties did not disclose the expected deal completion date

** Evercore ISI analysts believe the deal represents a “complementary bolt-on acquisition that enhances specialized capabilities and increases regional coverage density” to support Labcorp’s expansion into high-growth testing areas

** As of the previous trading day’s close, OPK had gained 8.7% so far this year

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