Laboratory giant Corning said last week that it will acquire competing chain Nichols Institute in a $325 million deal.
The transaction is the second major acquisition announced recently by the Corning, N.Y.-based company. Corning also is buying a Baltimore-based laboratory chain for $140 million in Corning stock (May 9, p. 16).
It will pay $13 in Corning stock for each Nichols share and will take on $100 million of the company's debt.
The companies said they hope to complete the transaction this summer, provided they receive regulatory clearances and can account for it as a tax-free pooling of interests.
Corning's laboratory service revenues topped $1.3 billion in 1993. Nichols, based in San Juan Capistrano, Calif., had revenues of more than $279 million.
In other news, Psicor said it will acquire Meditech Diagnostic Systems, a move that brings it into the laboratory management business.
Rahway, N.J.-based Meditech manages 50 laboratories for medical practices and provides support services to 150 others. San Diego-based Psicor provides cardiovascular technology and services to 400 hospitals.
Terms of the transaction weren't released.