Nov 5, 2014 | Laboratory Management and Operations, Laboratory News, Laboratory Operations, Laboratory Pathology, Laboratory Sales and Marketing, Management & Operations
With clinical laboratory acquisition candidates dwindling in number, Laboratory Corporation of America Holdings (LabCorp) (NYSE: LH) looked outside the medical laboratory industry and agreed to acquire Covance, Inc. (NYSE: CVD), a major player in clinical trials testing, for approximately $6.1 billion in cash and stock.
By taking this action, LabCorp will have bragging rights as the world’s largest laboratory testing company. Upon completion of this transaction, financial analysts point out that the two companies have combined annual revenue of $8.4 billion as of the period ending September 30, 2014. By comparison, annual revenue at Quest Diagnostics Incorporated (NYSE: DGX) was $7.1 billion for year ending 2013.
Covance Involved in Clinical Trials
Covance is a contract research company in Princeton, New Jersey, with annual revenues of $2.5 billion and 12,500 employees in more than 60 countries. In February of this year, Covance sold its Covance Genomics lab in Seattle, Washington, to LabCorp, per the company’s press release. Terms of this transaction were not announced. (more…)
Oct 5, 2012 | Laboratory Hiring & Human Resources, Laboratory News, Laboratory Operations, Laboratory Pathology
Positioning itself to serve accountable care organizations, McKesson agrees to buy a company specializing in medical billing and physician practice management
McKesson Corporation (NYSE:MCK) announced an agreement to acquire MED3000 of Pittsburgh, Pennsylvania, earlier this week. One aspect of this transaction will be of particular interest to anatomic pathologists and pathology practice administrators.
When it closes the sale, McKesson’s ownership of MED3000 will increase its overall national market share of pathology billing and collection contracts. Dark Daily readers may recall that McKesson and MED3000 each have a sizeable number of anatomic pathology laboratories and groups as clients for their billing and collections business divisions. (more…)
Oct 12, 2011 | Laboratory News, Uncategorized
Deal may be just the first of more clinical laboratory acquisitions in the U.S by Japan’s largest medical lab testing company
Pathology and clinical laboratory testing companies continue to go global and last week’s big acquisition in anatomic pathology gave one of Japan’s biggest clinical laboratory companies an important foothold in the United States.
Miraca Holdings Inc. (TYO: 4544.T) of Tokyo, Japan, announced that it would acquire the anatomic pathology business of Caris Life Sciences, Inc., of Irving, Texas. Miraca says the purchase is the first ever by a Japanese company of a clinical laboratory testing company in the United States.
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Feb 8, 2011 | Laboratory News, Laboratory Pathology
Clinical pathology laboratory customers of Beckman Coulter shouldn’t see major changes
Yesterday came news that Danaher Corporation (NYSE: DHR) of Washington, D.C., would acquire Beckman Coulter, Inc., (NYSE: BEC) of Brea, California, in a transaction valued at $6.8 billion. Beckman is among the world’s larger manufacturers of in vitro diagnostics (IVD) analyzers and automation for clinical pathology laboratories.
For pathologists and medical laboratory administrators, the significance of the acquisition is that consolidation continues in the IVD testing industry. Beckman Coulter itself grew to substantial size through a series of acquisitions it completed over the past two decades. For 2009, Beckman Coulter reported revenue of $3.3 billion.
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Aug 13, 2009 | Laboratory Management and Operations, Management & Operations
Sonic purchased Piedmont Medical Laboratory of Winchester, Virginia, and Axiom Laboratories, of Tampa, Florida
Yesterday, Sonic Healthcare, Ltd., of Sydney, Australia, officially recognized the acquisition of two clinical laboratories in the United States: Piedmont Medical Laboratory of Winchester, Virginia, and Axiom Laboratories, of Tampa. The Axiom transaction was closed earlier this summer.
For both labs, Sonic will pay $20 million in cash and could pay $2.5 million more in performance-based bonuses over the next two years. As an indication of current pricing for laboratory services, the $20 million purchase price bought Sonic a total of approximately $16 million in annual revenue.
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