OPKO jumps on sale of select assets to Labcorp for up to $872 mln

By Reuters News

** Shares of OPKO Health OPK.O rise 31.4% to $1.80 premarket

** Labcorp LH.N buys select laboratory testing businesses and over 80 patient centers from OPKO Health for $722 million in cash

** The deal includes up to an additional $150 million milestone payment tied to revenue from a prostate cancer test

** Labcorp acquires the proprietary 4Kscore prostate cancer test to expand specialized diagnostic access nationwide

** Companies did not provide an expected closing date

** Evercore ISI analysts view the deal as "a complementary tuck-in that adds specialty capabilities and regional density" to support Labcorp's expansion into higher-growth testing areas

** As of last close, OPK up 8.7% YTD

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