The agreement, which covers Interpace's ThyGenX and ThyraMIR diagnostic tests for the diagnosis of thyroid cancer in patients with indeterminate thyroid nodules.
The deal will open up more opportunities to study OmniSeq's 144-gene NGS test and Immune Report Card in real-world settings and as part of drug development trials.
LabCorp will serve as exclusive distributor for OmniSeq's cancer assays and will participate in its Series B financing round.
The offering consists of two tranches of $600 million each, and the firm plans to use the net proceeds for general corporate purposes, including the repayment of outstanding senior notes due on Aug. 23.
Total revenues reached $2.54 billion during the quarter, while LabCorp Diagnostics' revenues rose more than 8 percent to $1.80 billion.
As the development of drugs and diagnostics are increasingly beginning to merge, Covance is aiming to dedicate resources to capture market share.
The company's diagnostics business saw 8 percent growth, while its Covance segment retreated 2 percent. The firm lowered its adjusted EPS estimate for the full year.
The firm's diagnostics revenues grew 8 percent year over year, and it beat the consensus Wall Street estimates on the top and bottom lines.
The bank rated companies like Thermo Fisher Scientific and Agilent at Buy, Illumina and PerkinElmer at Hold, and Myriad Genetics and Luminex at Sell.
While gene therapies may have high price tags, they could be cheaper than the cost of managing disease, according to MIT's Technology Review.
Researchers are looking for markers that indicate which cancer patients may respond to immunotherapies, the Associated Press writes.
In Nature this week: paternal age associated with de novo mutations in children, and more.
Nature News writes that researchers are still wrangling over the role of the p-value.