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The Top 10 Clinical Lab Acquisitions of 2023

by | Aug 31, 2023 | Essential, Industry Buzz-lir, Laboratory Industry Report

Seven months into the year, there were already four reported deals valued at over $1 billion in 2023, as many as in all of 2022.

After a long period of dormancy, strategic acquisition activity in the clinical laboratory and in vitro diagnostics market is beginning to rebound to close to pre-pandemic levels. Seven months into the year, there were already four reported deals valued at over $1 billion in 2023, as many as in all of 2022.1

Top 10 Diagnostic M&A Deals of 2023 (By Deal Value)

Rank Buyer Target Reported Price
1 Thermo Fisher Scientific The Binding Site Group £2.3 billion ($2.80 billion) cash
2 New Mountain Capital Revvity $2.45 billion cash
3 Werfen Immucor $2.0 billion cash
4 SD Biosensor + SJL Partners Meridian Bioscience $1.53 billion cash + other financing
5 Thermo Fisher Scientific CorEvitas $912.5 million cash
6 Abbott Laboratories Cardiovascular Systems (CSI) $890 million cash + stock
7 STERIS Becton Dickinson $540 million cash
8 Quest Haystack Diagnostics Up to $450 million cash
9 Labcorp Enzo Biochem $146 million cash
10 Pacific Biosciences Apton Biosystems $110 million cash + stock
Source: Company press releases.

Major Lab Companies Become Sellers

The twist in these semi-annual figures is that in three of the year’s biggest deals, including two of the four billion-dollar acquisitions, a major lab company was the seller, rather than the buyer. Thus, testing giants that made massive profits from COVID-19 test products and services are now divesting strategic assets to reposition now that the coronavirus market has shrunk:

  • Revvity (formerly known as PerkinElmer) sold its food and enterprise business (which will retain the PerkinElmer brand name) for $2.45 billion as part of a plan to refocus on its core business composed of a slimmer, more nimble structure of just two units—life sciences and diagnostics2
  • After spending its COVID-19 earnings for a series of acquisitions in 2021 and 2022, including the $1.5 billion buyout of Parata Systems, Becton Dickinson sold off its surgical instrumentation unit and V. MuellerTM, Snowden-PencerTM, and GenesisTM product lines to Irish company STERIS for $540 million3,4
  • Meridian Biosciences sold itself in entirety to South Korean diagnostic company SD Biosensor and investment firm SJL Partners for $1.53 billion5

The Three Most Significant M&A Deals of the Year

Following more traditional approaches, the nation’s three biggest lab companies made potentially significant long-term moves via strategic acquisitions that extend beyond simple add-ons:

1. Quest Bolsters Personalized Cancer Position with Haystack Oncology Buy

Quest and Labcorp have continued to acquire hospital outreach and health system labs at a steady pace, even during the slow M&A times. In July, Quest took an enormous stride forward in personalized cancer testing by acquiring former Johns Hopkins spinout Haystack Oncology for $300 million in cash upfront and up to $150 million more in future milestone payments.6 The allure of Haystack is its liquid biopsy ctDNA-based technology enabling minimal residual disease patients to plan post-surgical treatment.

2. Labcorp Scoops Up Enzo Biochem’s Lab Testing Business

In 2022, Labcorp made a strategic play to bolster its genetic testing profile by acquiring next-generation sequencing test maker Personal Genome Diagnostics for $450 million and up to another $125 million in contingent milestone payments.7 In March, Labcorp went back to meat-and-potato lab testing by agreeing to acquire Enzo Biochem’s clinical laboratory division for roughly $146 million, while also spinning off its Covance Inc. clinical trials and drug development business into a separate entity.8 The $146 million purchase price for Enzo dropped to just over $113 million when the deal was completed in July.9

3. Abbott Boosts Cardio Device Offerings with CSI Acquisition

With its main rivals focusing on core lab testing, Abbott Laboratories went in the other direction by plunking down $890 million to buy Cardiovascular Systems (CSI) to strengthen its cardio device offerings. CSI produces medical devices for atherectomy, a less invasive method of treating plaque buildup in blood vessels.10


  1. https://www.g2intelligence.com/ma-report-the-top-15-diagnostic-deals-of-2022/
  2. https://www.newmountaincapital.com/new-mountain-capital-announces-intent-to-acquire-perkinelmers-applied-food-and-enterprise-services-businesses-for-up-to-2-45-billion/
  3. https://investors.bd.com/news-releases/news-release-details/bd-completes-acquisition-parata-systems
  4. https://sterisplc.gcs-web.com/news-releases/news-release-details/steris-expands-healthcare-products-offering-acquisition-surgical
  5. https://www.prnewswire.com/news-releases/meridian-bioscience-inc-enters-into-agreement-to-be-acquired-by-sd-biosensor-and-sjl-partners-in-1-53-billion-all-cash-transaction-301582745.html
  6. https://newsroom.questdiagnostics.com/2023-04-27-Quest-Diagnostics-to-Acquire-Haystack-Oncology,-Adding-Sensitive-Liquid-Biopsy-Technology-for-Improving-Personalized-Cancer-Care-to-Oncology-Portfolio
  7. https://ir.labcorp.com/news-releases/news-release-details/labcorp-strengthens-oncology-leadership-position-addition
  8. https://www.g2intelligence.com/lab-business-its-back-to-basics-for-labcorp-enzo-biochem/
  9. https://www.globenewswire.com/en/news-release/2023/07/24/2709935/0/en/Enzo-Biochem-Completes-Sale-of-Clinical-Laboratory-to-Labcorp.html
  10. https://abbott.mediaroom.com/2023-02-08-Abbott-to-Acquire-Cardiovascular-Systems,-Inc


Here’s a summary of the key M&A diagnostic deals that were announced or closed in the period from late July through early August 2023:

Mergers, Acquisitions, and Asset Sales

Acquiring Company Target(s) Deal Summary
Pacific Biosciences Apton Biosystems ·       Price: $110 million, including $85 million in stock, or approximately 6.3 million shares, plus additional $25 million in stock, cash, or combination, for achieving $50 million in revenue from a sequencer based on Apton’s technology
·       Status: Agreement to acquire with no closing date announced
·       Acquisition of California Bay Area-based sequencing tech firm positions PacBio to develop high-throughput version of its newly launched Onso short-read, Sequencing by Binding (SBB™) instruments
Labcorp Enzo Biochem ·       Price: $113.3 million cash, well below original purchase price of $146 million
·       Status: Closed
·       Acquisition of Enzo’s clinical laboratory division enables Labcorp to focus on core lab testing and diagnostics
·       Sale of division enables Enzo to focus on its core life sciences for new drug research and development business
Labcorp Tufts Medicine ·       Price: Undisclosed
·       Status: Agreement to acquire with no closing date announced
·       Labcorp to acquire Massachusetts university-based health system’s outreach laboratory business and related assets a month after announcing acquisition of Oregon-based Legacy Health hospital system’s outreach lab facilities and equipment and provide staffing, leadership, scientific knowledge, analytics, supply chain services, and lab support to its inpatient labs
·       Legacy to maintain ownership and licensure of its hospital labs and central lab building
Sunbird Bio Glympse Bio ·       Price: Undisclosed
·       Status: Closed
·       Singapore-based biotech merges with Massachusetts-based protein diagnostic company to form new company called Sunbird Bio to develop protein-based diagnostics for neurological diseases, early-stage cancer, and other conditions
New Day Diagnostics EDP Biotech Corp. ·       Price: Undisclosed
·       Status: Closed
·       Merger between EDP, developer of ColoPlex™ multiplexed immunoassay test for early detection of colorectal cancer and precancerous polyps, and New Day, developer of a direct-to-consumer celiac disease test, and tests for infectious diseases, ovarian cancer, and prostate cancer
·       New company to retain New Day Diagnostics name under a unified leadership structure based in Tennessee
New Day Diagnostics Epigenomics ·       Price: $12 million
·       Status: No closing date announced
·       Developer of early disease detection and monitoring tests that just merged with EDP Biotech earlier this month agrees to acquire blood testing technology for the early detection of cancer
Teleflex Palette Life Sciences ·       Price: $600 million cash upfront and up to $50 million in additional milestones
·       Status: Acquisition agreement with no closing date announced
·       Acquisition of device maker for treating urological and urogynecological disorders
CareDx MediGO ·       Price: Undisclosed
·       Status: Closed
·       Acquisition of organ transplant supply chain and logistics company expands CareDx’s digital health portfolio and pre-transplant offerings
BioIVT PrecisionMed ·       Price: Undisclosed
·       Status: Closed
·       Biospecimen and research services provider acquires supplier of biospecimens for neurology and oncology
LGC Clinical Diagnostics Kova International ·       Price: Undisclosed
·       Status: Closed
·       Acquisition of manufacturer of in vitro urinalysis and toxicology quality control products for clinical labs
STERIS Becton Dickinson ·       Price: $540 million
·       Status: Closed
·       Sterilization and surgical equipment manufacturer to acquire BD’s V. MuellerTM, Snowden-PencerTM, and GenesisTM product lines and manufacturing facilities in Missouri, Ohio, and Germany at price over triple units’ yearly revenue
Vector Laboratories Quanta BioDesign ·       Price: Undisclosed
·       Status: Closed
·       Proteomic and glycomic research tool provider acquires cross-linking and labeling chemistries based on Quanta’s discrete polyethylene glycol (dPEG®) technology

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