Business

From the LabCorp press release:

LabCorp Enters into Definitive Agreement to Acquire Genzyme Genetics

BURLINGTON, N.C., Sep 13, 2010 (BUSINESS WIRE) -- Laboratory Corporation of America(R) Holdings (LabCorp(R)) (NYSE: LH), today announced that it has entered into a definitive agreement under which LabCorp will acquire Genzyme Genetics, a business unit of Genzyme Corp. (NASDAQ: GENZ), in an all cash transaction valued at $925 million. Net of expected income tax benefits, less acquisition-related expenses, the acquisition has a net cash cost to LabCorp of approximately $795 million.

"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," said David P. King, Chairman and Chief Executive Officer of LabCorp. "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 medicine."

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