Labcorp expands oncology portfolio with OmniSeq® acquisition.
Press Release
On July 29, 2021, Labcorp announced it is expanding its oncology portfolio by acquiring OmniSeq, a pioneer in solid tumor profiling that harnesses next-generation sequencing technologies and aids drug development through wide-ranging pharmaceutical services. The transaction bolsters Labcorp’s growing portfolio of diagnostic tests and clinical trial opportunities for people with cancer and the oncologists who treat them.
Prasanth Reddy, M.D., MPH, senior vice president and oncology head at Labcorp, noted that adding OmniSeq to Labcorp’s oncology platform perfectly aligns with the company’s efforts to provide comprehensive insights into oncology. OmniSeq amplifies Labcorp’s development of best-in-class diagnostics and drug development solutions. These capabilities help accelerate new therapy options, empower informed treatment decisions, and make precision medicine available to more people with cancer by improving access to testing and clinical trials across communities.
Founded in 2015, OmniSeq is a Buffalo, New York-based commercial, clinical laboratory that emerged from the Roswell Park Comprehensive Cancer Center’s Center of Personalized Medicine. The company is accredited by the College of American Pathologists (CAP), licensed under the Clinical Laboratory Improvement Amendment (CLIA) and New York State Clinical Laboratory Evaluation Program (CLEP).
Through the acquisition of OmniSeq, Labcorp enhances its oncology test menu designed to leverage breakthrough science and insights from clinical and patient data to deliver targeted cancer solutions and improve patient outcomes.
Margot Schoenborn, CEO at OmniSeq, added that since 2017, Labcorp and OmniSeq have collaborated to introduce innovative technologies to aid clinicians in delivering personalized drug and trial options for patients with advanced cancers. She also noted that Labcorp enables OmniSeq to integrate more fully with the Labcorp oncology platform to provide comprehensive testing solutions for patients across the continuum of care and enhanced support for drug development efforts. Leveraging Labcorp’s extensive footprint and oncology experience will ensure the two companies can continue to increase patient access to personalized medicine through OmniSeq’s cutting edge comprehensive genomic and immune profiling testing.
Most recently, the two companies launched OmniSeq® INSIGHT—a pan-cancer, tissue-based sequencing test for patients with late-stage solid tumor cancers. The test is aimed at advancing precision oncology and improving patient outcomes, as well as helping physicians determine individualized treatment options based on a patient’s complete tumor profile, including identifying clinical trials for these patients located within 200 miles of their home.
OmniSeq INSIGHT will remain available to U.S.-based clinicians exclusively through Labcorp and across Canada through Dynacare, a Labcorp company. It will also continue to be available to biopharmaceutical companies around the world exclusively through Labcorp Drug Development. This test offers a more complete profile of a tumor than other tests on the market by combining comprehensive genomic and immune profiling. The report generated from this test is the first to leverage the holistic tumor profile and lists treatment options and clinical trials accessible to a patient, which can save physicians and patients valuable time determining the right course of treatment.
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY2020. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.