LabCorp completes acquisition of Monogram Biosciences
9 August 2009
Laboratory Corporation of America Holdings (NYSE:LH) has announced
the successful completion of its acquisition of Monogram Biosciences,
Inc.
“This acquisition is a significant step in the execution of LabCorp’s
strategy,” said David P King, Chairman and Chief Executive Officer of
LabCorp. “By adding Monogram's innovative offerings to our extensive
esoteric testing menu, we will advance our leadership in infectious
disease and cancer testing, companion diagnostics and personalized
medicine.”
As a result of the acquisition, Monogram became a wholly-owned
subsidiary of LabCorp, and Monogram shares ceased to be traded on the
NASDAQ Global Market at the close of trading on August 4, 2009.
At the effective time of the merger, all outstanding shares of
Monogram common stock not validly tendered and accepted for payment in
the tender offer were converted into the right to receive $4.55 per
share in cash (the same price paid in the tender offer), without
interest and subject to applicable withholding taxes.
American Stock Transfer & Trust Company, acting as paying agent for
the merger, will mail to the remaining former stockholders of Monogram
materials necessary to exchange their former Monogram shares for such
payment.
Laboratory Corporation of America Holdings is a pioneer in
commercializing new diagnostic technologies and one of the first to
embrace genomic testing. With annual revenues of $4.5 billion in 2008,
over 28,000 employees worldwide, and more than 220,000 clients, LabCorp
offers clinical assays ranging from routine blood analyses to HIV and
genomic testing.
Monogram Biosciences, Inc. discovered, developed and marketed
products to guide and improve treatment of serious infectious diseases
and cancer. Its technology is also being used by numerous
biopharmaceutical companies to develop new and improved anti-viral
therapeutics and vaccines as well as targeted cancer therapeutics.
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