Diagnostic-test manufacturer Laboratory Corporation of America, Burlington, N.C., will pay $107 million to acquire South San Francisco, Calif.-based Monogram Biosciences, a molecular-diagnostic company specializing in cancer and infectious disease testing, according to a news release.
LabCorp to acquire Calif. maker of diagnostic tests
Under the terms of the deal, LabCorp will pay $107 million in cash and also will assume roughly $48 million in debt currently held by Monogram. The deal has been approved by Monogram shareholders, but is still subject to customary regulatory review and approval. The transaction is expected to close during the third quarter of 2009.
Monograms current product lines include companion diagnostic tests that help identify appropriate treatments for HIV/AIDS and breast cancer patients. The acquisition is expected to broaden LabCorps personalized medicine portfolio, according to LabCorp Chairman and CEO David King.
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