Transaction Improves Patient Experience, Patient Outcomes and Aims to Reduce Health Care Costs
BURLINGTON, N.C., Aug. 12, 2021 — Labcorp (NYSE: LH), a leading global life sciences company, today announced that it has acquired Ovia Health, a digital health platform used by millions of women seeking information and support with family planning, pregnancy and parenting.
The transaction extends Labcorp’s position as a leading, go-to source for women’s health insights, opens new avenues for personalized care experiences and fosters better dialogue between health care providers and their patients.
“Patients, doctors and health systems are increasingly using digital health solutions to inform health care and treatment options,” said Dr. Brian Caveney, chief medical officer and president, Labcorp Diagnostics. “We’re excited to expand our leadership in women’s health solutions by bringing Ovia Health’s trusted health content and easy-to-use digital platforms to our patients and customers. We welcome Ovia Health’s innovative and dedicated team to Labcorp and look forward to bringing the combination of our strengths in women’s health to our customers.”
Labcorp, through its wide-ranging specialty testing services and deep diagnostics and genetics expertise, is a leader in women’s health. The company supports OB-GYNs and primary care doctors by providing essential testing, screening, educational support and clinical trial options for women including expectant mothers. This creates a better understanding of a patient’s health and potential risks and enables that patient to become more engaged in her wellbeing and pregnancy.
“Joining Labcorp enables us to broaden our impact and improve every woman’s opportunity to have a healthy pregnancy and access necessary care and resources,” said Paris Wallace, Ovia Health’s CEO and co-founder. “Our combined capability will enable us to significantly expand our reach, enrich our content and explore new methods of promoting a holistic approach to improving women’s health. We’re particularly excited about developing new products and services with Labcorp that fulfill the unmet needs of individuals with reproductive health conditions.”
The acquisition marks Labcorp’s continued investment in its women’s health capabilities and represents the next step in a collaborative relationship developed during the past year. The two companies began exploring ways of leveraging their shared commitment to improving patient outcomes following a strategic investment from Labcorp’s Venture Fund in August 2020. Labcorp and Ovia Health are uniquely positioned to harness the power of science and data, positioning Labcorp as the preeminent choice for providers and health plans looking to enhance their patients’ experience.
Ovia Health, one of the first “femtech” companies, has supported more than 15 million family journeys through its suite of interactive, experience-focused platforms. The company has about $20 million in annual revenues and maintains key partnerships with leading universities and research groups, generating a wealth of personal health data and patient insights. Additionally, Ovia Health furnishes numerous employers and health plans with valuable clinical, health and wellness programs to enhance their existing offerings.
Kilpatrick Townsend & Stockton LLP served as legal advisor to Labcorp. Raymond James & Associates, Inc. served as exclusive financial advisor and Foley Hoag LLP served as legal advisor to Ovia Health.
Specific terms of the transaction were not disclosed.