LabCorp to Acquire Assets of Mount Sinai Health System Clinical Outreach Laboratories

BURLINGTON, N.C.–(BUSINESS WIRE)– Laboratory Corporation of America^® Holdings (LabCorp^®)
(NYSE: LH), a world leading life sciences company, and the Mount Sinai
Health System (Mount Sinai), one of the largest health systems in
metropolitan New York City, have entered into a definitive agreement for
LabCorp to acquire assets of Mount Sinai’s Clinical Outreach
Laboratories. When the transaction is complete, LabCorp will be
available to provide comprehensive laboratory services to physicians and
patients that currently use Mount Sinai’s outreach laboratory.

“LabCorp has successfully provided comprehensive health system solutions
for over three decades,” said David P. King, chairman and chief
executive officer of LabCorp. “This transaction, giving us the
opportunity to serve an anchor health system in the critical New York
metro market, provides us even broader opportunity to improve health and
lives through the delivery of world class diagnostics.”

Mount Sinai will continue to provide laboratory testing for patients
registered at its hospitals and ambulatory facilities as inpatients or
outpatients, as well as laboratory testing services for physicians in
their professional practices in the areas of anatomic pathology,
molecular pathology and genetics. LabCorp will offer clinical pathology
testing, including cytology and cytology-related molecular testing.
Seven patient service centers currently operated by Mount Sinai will be
added to LabCorp’s existing network of 120 patient service centers in
the metropolitan New York City area. The parties are also vigorously
exploring opportunities to collaborate on projects involving companion
diagnostics, clinical trials and medical education.

“LabCorp was selected for its depth and breadth of services and track
record of high quality,” said Carlos Cordon-Cardo, M.D., Ph.D., Irene
Heinz Given and John LaPorte Given professor and chairman, Department of
Pathology, Mount Sinai Health System. “Their unparalleled reputation and
success ensures our patients will continue to have access to
high-quality, high-value and convenient testing services.”

“Customers and patients will quickly see the advantages of our
differentiators,” said William B. Haas, senior vice president and
co-leader of LabCorp Diagnostics. “Only LabCorp can offer access to
clinical trials and research through Covance Drug Development, enhanced
IT and data analytics, standardized testing platforms and broad patient
access.”

“We are confident this transaction will provide great benefits for our
patients and physicians and allow Mount Sinai to continue to invest in
our core strategic programs,” said Donald Scanlon, chief financial
officer and chief of corporate services, Mount Sinai Health System.
“LabCorp’s proven track record of service excellence, breadth of
diagnostic capabilities, and cost-efficiency will benefit our community
now and in years to come.”

The transaction, which has already received clearance under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, is expected to
close in the first quarter of 2017. Other terms of the transaction were
not disclosed.

Citi acted as exclusive advisor to the Mount Sinai Health System in
connection with the clinical outreach assets sold in this transaction.

About LabCorp^®

Laboratory Corporation of America® Holdings (NYSE: LH), an S&P 500
company, is a world leading life sciences company, providing
comprehensive clinical laboratory and end-to-end drug development
services. With a mission to improve health and improve lives, LabCorp
delivers world-class diagnostic solutions, brings innovative medicines
to patients faster and develops technology-enabled solutions to change
the way care is provided. With net revenue in excess of $8.5 billion in
2015, LabCorp’s 50,000 employees serve clients in 60 countries. To learn
more about LabCorp, visit www.labcorp.com,
and to learn more about Covance Drug Development, visit www.covance.com.

This press release contains forward-looking statements including with
respect to estimated 2016 guidance and the impact of various factors on
operating results. Each of the forward-looking statements is subject to
change based on various important factors, including without limitation,
competitive actions in the marketplace, adverse actions of governmental
and other third-party payers and the results from the Company’s
acquisition of Covance. Actual results could differ materially
from those suggested by these forward-looking statements. Further
information on potential factors that could affect LabCorp’s operating
and financial results is included in the Company’s Form 10-K for the
year ended December 31, 2015, and subsequent Forms 10-Q, including in
each case under the heading risk factors, and in the Company’s other
filings with the SEC, as well as in the risk factors included in
Covance’s filings with the SEC. The information in this press
release should be read in conjunction with a review of the Company’s
filings with the SEC including the information in the Company’s Form
10-K for the year ended December 31, 2015, and subsequent Forms 10-Q,
under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170110005755/en/