Under the terms of the agreement, LabCorp will purchase the business in its entirety, including all testing services, technology, intellectual property rights, and its nine testing laboratories.
LabCorp said it is committed to offer employment to the unit’s approximately 1,900 employees upon closing, including senior management. The agreement is subject to customary closing conditions, including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, with the goal of closing before the end of the year.
“This transaction demonstrates the strategic value of Genzyme Genetics and the strong franchise we’ve built over a 20-year period,” said Henri A. Termeer, chairman and chief executive officer of Genzyme. “It also shows how our management team is uniquely positioned to unlock the underappreciated value of Genzyme’s diverse businesses for shareholders. The completion of this sale allows us to focus our resources on core growth areas and create stronger returns on invested capital.”
LabCorp is one of the nation’s largest laboratory testing companies specializing in routine testing, with 38 primary testing locations and more than 1,500 patient service centers.
