The full press release can be read here. Covance conducts clinical trials across the US and the UK. Most are familiar with the retail LabCorp locations across the US so now it appears the diagnostic company is going deeper into trials with this acquisition. BD
Laboratory Corp. of America (LabCorp) plans to acquire the CRO giant Covance for $6.1 billion cash and stock, the companies said today, in a deal that broadens the acquirer into a key player in outsourced drug development.
LabCorp and Covance said the combined company would be the world's leading healthcare diagnostics company, capitalizing on LabCorp's strengths in medical testing and Covance's presence in contract research. The deal is expected to close in the first quarter of 2015, subject to Covance shareholder approval, regulatory approvals and customary closing conditions.
LabCorp provides medical laboratory testing and services through a national network of primary clinical laboratories and specialty testing laboratories. Covance is a leader in contract drug development and nutritional analysis. The combination, the companies said, will allow it to better partner with customers across a broad range of services from biopharma research, through drug and diagnostic development, to commercialization.