The acquisition of Ovia Health will enable Labcorp to enhance its position as a go-to source for women’s health insights and open new avenues for personalised care experiences
Global life sciences company Labcorp has acquired women’s digital health platform Ovia Health for an undisclosed sum.
The acquisition of Ovia Health will allow Labcorp to enhance its position as a go-to source for women’s health insights, in addition to opening new avenues for personalised care experiences and exploring better dialogue between health care providers and their patients.
Both firms are said to leverage their shared commitment to enhancing patient outcomes following a strategic investment from Labcorp’s Venture Fund in August last year.
Ovia Health CEO and co-founder Paris Wallace said: “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.”
Ovia Health, which is one of the first femtech companies, served over 15 million families via its suite of interactive and experience-focused platforms.
With around $20m in annual revenues, the company is also working with major universities and research groups to generate a wealth of personal health data and patient insights.
In addition, Ovia Health supports multiple employers and offers health plans with valuable clinical, health and wellness programmes to improve their existing offerings.
Labcorp already supports OB-GYNs and primary care doctors by offering essential testing, screening, educational support and clinical trial options for women including expectant mothers.
Labcorp Diagnostics chief medical officer and president Dr Brian Caveney said: “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.”
Kilpatrick Townsend & Stockton acted as legal advisor to Labcorp, while Raymond James & Associates acted as exclusive financial advisor and Foley Hoag acted as legal advisor to Ovia Health.
In May this year, Labcorp agreed to acquire Myriad Autoimmune’s Vectra testing business from Myriad Genetics for $150m in cash.