Labcorp Holdings (LH) has agreed to acquire certain assets of OPKO Health's (OPK) BioReference Health unit for up to $225 million, the companies said Tuesday.

The purchase price includes $192.5 million payable at closing and up to $32.5 million in earnout payments based on performance, the companies said.

Under the deal, Labcorp will acquire BioReference Health's oncology-related laboratory testing businesses and clinical testing services in the US, along with certain customer accounts and other operating assets, the companies said.

The assets being acquired currently generate about $85 million to $100 million in annual revenue and Labcorp said it expects the acquisition to be accretive to earnings in the first year.

The transaction is expected to close in the second half of 2025, the companies said.