Miami's OPKO agrees to $722M BioReference asset sale to Labcorp

Miami-based OPKO Health has agreed to sell select assets of its BioReference Health laboratory business to Labcorp for $722 million in cash at closing, with a potential additional payment of up to $150 million tied to future revenue from a prostate cancer test. The agreement, announced October 15, gives the South Florida healthcare company a path to further narrow its laboratory operations and concentrate resources on biopharmaceutical development.

The base purchase price is subject to an upward or downward adjustment based on the business's revenue at closing. The separate earnout depends on revenue from BioReference's 4Kscore test. That structure makes the ultimate proceeds contingent on operating performance, with regulatory approvals and customary closing conditions still required. The announcement did not provide a closing date or a timetable for completing the regulatory review.

The assets cover clinical and women's health testing, urology and correctional testing, certain operating assets and more than 80 patient service centers. Labcorp expects the acquired business to generate approximately $250 million in revenue during the first year after closing. That figure is the buyer's forecast for the acquired operations, rather than OPKO's current consolidated revenue.

The 4Kscore blood test is a central part of the agreement. The companies describe it as an FDA-approved test that assesses the probability of aggressive prostate cancer before a biopsy. Including that proprietary product alongside routine testing would give Labcorp a broader group of services to integrate into its diagnostics network. The earnout also leaves OPKO with a financial interest in the test's subsequent commercial performance.

For Miami, the transaction matters at the corporate level. OPKO lists its headquarters at 4400 Biscayne Boulevard, placing a major healthcare asset sale within the city's publicly traded business community. The patient service centers in the agreement are part of BioReference's operating footprint; the announcement does not identify them as a new Miami clinic expansion.

OPKO Chairman and CEO Phillip Frost said the agreement would help streamline the company and focus resources on its biopharmaceutical business. BioReference is a wholly owned OPKO subsidiary, with Craig Allen serving as its president and chief executive officer. Until the transaction closes, the companies say they will continue to operate independently and current services will remain unchanged.

The proposed sale follows an earlier transfer of BioReference assets to Labcorp. In September 2025, Labcorp completed a separate acquisition covering oncology and oncology-related clinical testing customer accounts and certain operating assets across the United States. That transaction carried consideration of up to $225 million, including $192.5 million paid at closing and a potential $32.5 million earnout. The new agreement covers a different package of assets and services.

Lazard is advising Labcorp financially on the latest transaction, while Piper Sandler is advising OPKO. Greenberg Traurig is OPKO's legal adviser. For the seller, the next meaningful milestones are the required approvals, the closing revenue adjustment and the eventual transfer of the assets. For Labcorp, the operating task would then be integrating the acquired services and patient access points while pursuing its first-year revenue forecast.