The widely anticipated sale of Spokane-based PAML to industry giant LabCorp was made official Thursday when the companies announced the deal in a news release. Terms of the sale were not disclosed. LabCorp is buying the 60-year-old medical-testing laboratory from Providence Health & Services and Catholic Health Initiatives, two of the nation’s largest health care systems. Pathology Associates Medical Laboratories employs over 1,600 people, tests samples collected in eight states and generates about $300 million a year in revenue. PAML employees were called into a meeting Thursday afternoon to be informed of the sale/SR. More here.

Coeur d'Alene connection:

Kootenai Health, the co-owner of the PAML-affiliated joint venture Alpha Medical Laboratory in Coeur d’Alene will buy PAML’s interest in Alpha, then sell the assets to LabCorp upon final board approval, according to Thursday’s news release.