Pathology Watch, a Salt Lake City-based life sciences company, has been acquired by Sonic Healthcare, a Sydney, Australia-headquartered healthcare company. The $150 million deal is expected to close this month.
Sonic said the acquisition a strategic move that will help its transition to digital pathology services. Pathology Watch is at the pre-profit stage, but Sonic expects its earnings-per-share and return-on-invested-capital to grow in the coming years, according to a release from the company.
Pathology Watch’s founders, management and staff will join Sonic’s U.S. and global operations.
“The acquisition of Pathology Watch is an important and enormously exciting step in Sonic’s transition to digital pathology and pathology AI and offers multiple avenues for value creation,” said Sonic CEO Colin Goldschmidt, a pathologist who has led the company since 1993.
Pathology Watch is an integrated pathology service that provides digital solutions and integrations to find efficiencies in the pathology processing used by dermatologists. The company has modernized and digitized traditional lab processes to make them more efficient by incorporating AI technology.