LabCorp in $925m takeover of Genzyme Genetics
15 Sept 2010
Laboratory Corporation of America Holdings (NYSE: LH) has
agreed to acquire Genzyme Genetics, a business unit of Genzyme Corp.
(NASDAQ: GENZ), in an all cash transaction valued at $925 million and a
net cost valued at approximately $795 million.
Genzyme Genetics is a leading provider of complex reproductive
and oncology testing services and the preferred provider for such
services to maternal foetal medicine specialists and obstetrician /
gynaecologists nationally. The business performs more than 1.5
million high-quality, high-clinical value tests annually with
reported revenue in 2009 of approximately $371 million.
Chairman and CEO of LabCorp David P King said, “Genzyme Genetics
is among the premier genetics and oncology laboratories in the
United States. It has an excellent clinical reputation, a track
record of growth and innovation and outstanding people.
“This acquisition will substantially expand our capabilities in
reproductive, genetic, hematology-oncology and clinical trials
central laboratory testing. The acquisition of Genzyme Genetics
provides us with an unprecedented opportunity for revenue growth in
our key strategic focus areas of esoteric testing and personalized
The complex tests offered include technologies that span the
continuum of care, ranging from maternal serum screening and
prenatal diagnostics to carrier screening and postnatal testing
services. Genzyme Genetics also has a broad network of
board-certified geneticists and genetic counsellors, offering
infertility and prenatal genetic counselling expertise to physicians