LabCorp did not buy the company, just the lab to be clear. The services of the lab will continue to be of service to clients, so no change there. In addition Covance was stopping work on it’s non finished site in Virginia and another location in Switzerland. Seattle is the location of the lab purchased by LabCorp.
LabCorp also purchased Medlab Indiana facilities for a little over $10 Million as it was bankrupt and filed for re-organization with over $40 million in debt. Cuts related to the Affordable Care Act were cited as part of the reasons that lead to bankruptcy with Medlab. BD
NEW YORK (GenomeWeb News) – Laboratory Corporation of America Holdings has acquired Covance's high-complexity genomic laboratory for an undisclosed amount.
Additionally, the companies have entered into a five-year services agreement under which Covance and LabCorp will collaborate to continue offering the Seattle-based laboratory's services to clients.
LabCorp said in its LabCorp Clinical Trials Newsletter that the genomic analysis services offered by the Covance lab include gene expression studies, translational biomarker projects, and next-generation sequencing applications to support drug development work. Covance said it will provide other genomics services to its clients through its central laboratories.