The partnership is said to benefit from Labcorp’s scientific expertise and diagnostics in neurology, women’s health, and oncology. Credit: ProStockStudio / Shutterstock.

Labcorp has agreed to buy Tufts Medicines’ outreach laboratory business and some operating assets for an undisclosed amount.

Pending regulatory clearance, this acquisition marks an initial stage towards a bigger strategic alliance between the companies.

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Upon completion in October, the deal will integrate the companies’ technologies and services.

Tufts Medicine president and CEO Michael Dandorph stated: “Tufts Medicine’s long history of outstanding and innovative patient care will combine with Labcorp’s comprehensive expertise and resources to increase access to critical services in the diverse communities we proudly serve.” 

According to Labcorp, the deal will enhance access to testing, lower wait times, and support standardised lab testing.

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The partnership is said to benefit from Labcorp’s scientific know-how and diagnostics in neurology, women’s health, and oncology.

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Labcorp chief operations officer and diagnostics laboratories president Mark Schroeder said: “Tufts Medicine is an established leader in providing diagnostic testing and healthcare in eastern Massachusetts, and their mission and values closely align with Labcorp’s mission to improve health and improve lives.

“This relationship will expand access to state-of-the-art diagnostics and laboratory services and improve the testing experience, providing an integrated, single-source, efficient option for patients and providers.”

Last month, Labcorp signed a similar deal, agreeing to buy some assets of Legacy Health’s outreach lab business such as facilities and equipment.

It also agreed to manage Legacy’s in-patient hospital labs over the long term, with Legacy to maintain its ownership and licensure. This deal is scheduled to complete later this year.