LabCorp step closer to buying Spokane-based PAML

LabCorp has cleared the antitrust review for its acquisition of Spokane-based Pathology Associated Medical Laboratories.

The North Carolina-based company said Monday the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, satisfying one of the conditions necessary to complete the pending acquisition.

LabCorp announced in February it was buying PAML, the 60-year-old medical-testing laboratory, from Providence Health & Services and Catholic Health Initiatives, which jointly own it.

PAML employs over 1,600 people, tests samples collected in eight states and generates about $300 million a year in revenue.

The sale, which will require approval from the Federal Trade Commission, is expected to be completed in 2018.

PAML employs more than 1,600 people and tests lab samples collected in eight states. About 850 people work for PAML in Spokane. Company officials have not commented on what will happen to local employment after the sale.