SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

    On April 17, 2023, the Company completed the previously announced acquisition of select assets of the laboratory services business of New York-Presbyterian, which serves providers and patients in New York, as well as the Tri-State Area and beyond, in an all-cash transaction for $275 million. The acquisition will be accounted for as a business combination. The Company is in the process of completing the preliminary purchase price allocation of the assets acquired and liabilities assumed.

    During April 2023, the Company announced that it had entered into a definitive agreement to acquire Haystack Oncology, Inc., an early-stage oncology company focused on minimal residual disease testing to aid in the early, accurate detection of residual or recurring cancer and better inform therapy decisions. Under the terms of the agreement, the Company would pay approximately $300 million in cash at closing, net of cash acquired. Additionally, it would pay up to $150 million of additional consideration, which is contingent upon achieving future performance milestones and which is not expected to be paid during 2023. The transaction is expected to close during the second quarter of 2023 and remains subject to customary closing conditions.

    The Company expects to fund the cash at closing for the acquisitions noted above through a combination of cash on hand and borrowings under the Company's existing credit facilities.