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LabCorp will acquire Sequenom
Laboratory Corp. of America and Sequenom have entered into a definitive agreement and plan of merger under which LabCorp would acquire all of the outstanding shares of Sequenom in a cash tender offer for $2.40 per share, or an equity value of $302 million, which represents a total enterprise value of about $371 million, including net indebtedness.
“This is exactly the kind of strategic acquisition that LabCorp seeks,” David King, the company’s chairman and CEO, said in a statement. Sequenom was the first laboratory to offer a clinically validated noninvasive prenatal test, MaterniT21, and has performed more than 500,000 tests to date, King said. “Sequenom’s proven best-in-class technology and strong research complement LabCorp’s extensive women’s health offering, providing patients and physicians with one source for the most complete range of testing options in women’s health, including NIPT and reproductive genetics.” The acquisition is expected to close by year’s end.
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