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The 5 Most Significant Lab Company M&A Deals of 2022

by | Jan 10, 2023 | News, Open Content

Merger and acquisition deal volume and value were down last year, but deal impact was not.

Merger and acquisition (M&A) activity in the clinical diagnostics space was significantly down in 2022 in terms of both deal volume and deal value. There were only four deals with a reported value in the billions of dollars, as compared to seven in 2021 and six in 2020. However, some of the deals that did come off will have a significant effect on the lab industry for years to come. Here’s the G2 Intelligence list of the five most impactful lab M&A deals in 2022.

1. Labcorp’s Acquisition of Personal Genome Diagnostics

While Labcorp and Quest continued to gobble up clinical labs from hospitals and health systems, Labcorp made a strategic play to bolster its genetic testing profile by acquiring next-generation sequencing test maker Personal Genome Diagnostics at the start of the year for $450 million and up to another $125 million in contingent milestone payments.

2. Meridian Bioscience Is Acquired by SD Biosensor

South Korean diagnostics firm SD Biosensor made a dramatic move into the US market by cutting a deal to acquire Meridian Bioscience for $1.53 billion. The deal was supposed to close in Q4 2022, but has been pushed back to Q1 2023 while SD Biosensor gets its financing in order.

3. Thermo Fisher’s Acquisition of The Binding Site Group

Thermo Fisher Scientific boosted its specialty diagnostics profile by agreeing to shell out £2.25 billion ($2.60 billion) in cash for The Binding Site Group, a UK-based company with over 1,000 employees that produces assays and instruments for blood cancers and immune system disorders. The firm has been growing at an annual 10 percent clip.

4. Sema4’s Acquisition of GeneDx from Opko Health

In May, Sema4 closed its $623 million acquisition of GeneDx from Opko Health. Founded by a pair of National Institutes of Health scientists in 2000, GeneDx is a genetic testing company specializing in rare and ultra-rare disorders. The acquisition enables Sema4 to offer precision testing for a broader range of diseases. By divesting GeneDx, a firm it picked in its 2015 acquisition of BioReference Laboratories in 2015, Opko Health basically shut down day-to-day activity in the molecular diagnostics space to focus on pharma development and its remaining BioReference-branded diagnostics assets.  

5. Roche’s Acquisition of Good Therapeutics

Roche advanced its immuno-oncology efforts by acquiring Seattle biotech Good Therapeutics for $250 million. The Swiss diagnostic giant took over global development and commercialization of a PD1-regulated IL-2 receptor agonist program, while shifting the rest of Good Therapeutics’ assets to a new spinout called Bonum Therapeutics. 

For the full Top 15 list of 2022 M&A deals and further insight, see the full article in the January 2023 issue of Lab Industry Report. Sign into your account or sign up for a free trial to gain access!