Labcorp plans lab expansion in Japan with BML collaboration

BURLINGTON, NC–(BUSINESS WIRE)–Labcorp (NYSE: LH), a leading global life sciences company, today announced that it is strengthening its central laboratory presence and drug development capabilities in Japan with the expansion of CB Trial Laboratory, the central laboratory co-managed by Labcorp Drug Development and BML, one of Japan’s leading providers of clinical laboratory testing services.

Extending their strategic relationship that dates back more than a decade, Labcorp Drug Development and BML will begin work on a new laboratory in Kawagoe City, Saitama, expanding capacity and services for pharmaceutical and biotech customers. This will strengthen Labcorp Drug Development’s core laboratory service offerings in Japan and pave the way for continued acceleration of companion diagnostic capabilities.

“Labcorp Drug Development remains committed to growing its operations and services in Japan through continued expansion and partnerships,” said Honggang Bi, senior vice president and head of Asia Pacific for Labcorp Drug Development. “Expanding our work with BML and increasing our lab footprint means we will be able to offer faster turnaround times, superior in-country sample management and comprehensive laboratory tests for global clinical trials in Japan. This will benefit patients, customers and healthcare providers by providing them with the information needed to make key decisions.

The new facility will be located near BML’s general laboratory in Kawagoe, where the current CB testing laboratory is located, providing more than 4,000 square meters of dedicated space for global clinical trials managed by Labcorp Drug Development. The new space will be more than five times larger than the current facility, with additional capabilities such as genomics, microbiology and companion diagnostics in addition to expanded offerings in current laboratory capabilities including flow cytometry, immunology, anatomical pathology and histology. Completion of the expanded lab is scheduled for early 2025.

Through the planned lab expansion, Labcorp will advance biomarker and esoteric testing services, expand its companion diagnostics portfolio and deepen integration with its clinical development services. In addition, the company will be able to intensify its research and development efforts in cell and gene therapy, as part of a broader commitment to precision medicine and strengthening the company’s position as a leader in oncology.

“By collaborating with Labcorp, we are able to offer our pharmaceutical and biotechnology customers access to both comprehensive clinical laboratory testing and drug development opportunities,” said Dr. Kensuke Kondo, President of BML. “Expanding the lab provides additional capabilities and capabilities and opens the door to enriched services, more resources and better outcomes for our customers and patients.”

Labcorp and BML have successfully provided central laboratory services for global clinical trials in Japan since 2010 through kit production, sample logistics and laboratory operations at CB Trial Laboratory. Their partnership agreement was renewed in 2020.

To learn more about Labcorp Drug Development’s Japanese operations, please click here.

About Labcorp

Labcorp is a leading global life sciences company that provides vital information to help physicians, hospitals, pharmaceutical companies, researchers and patients make informed decisions with confidence. Through our unparalleled diagnostic and drug development capabilities, we deliver insights and accelerate innovations to improve health and improve lives. With over 75,000 employees, we serve customers in over 100 countries. Labcorp (NYSE: LH) reported revenue of $16 billion in fiscal 2021. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.

This press release contains forward-looking statements, including, but not limited to, statements regarding the future prospects of the services that will be offered in Japan through the collaboration between Labcorp and BML, and its expected benefits to customers and patients.

Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the Company’s control. These factors, in some cases, have affected and in the future (together with other factors) could affect the Company’s ability to implement the Company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements.

The company is under no obligation to provide updates to these forward-looking statements, even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information about the potential factors, risks and uncertainties that could affect operating and financial results is included in the company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under RISK FACTORS, and in the company’s other 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 information contained in the Company’s most recent Annual Report on Form 10-K and Forms 10 -Q below under MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS.