{"id":245270,"date":"2010-10-11T08:10:03","date_gmt":"2010-10-11T08:10:03","guid":{"rendered":"http:\/\/eugenesis.com\/labcorp-to-buy-genzyme\/"},"modified":"2010-10-11T08:10:03","modified_gmt":"2010-10-11T08:10:03","slug":"labcorp-to-buy-genzyme","status":"publish","type":"post","link":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/pathology\/labcorp-to-buy-genzyme.php","title":{"rendered":"LabCorp to buy Genzyme"},"content":{"rendered":"

This has been rumored for some time - LabCorp to buy Genzyme<\/em><\/p>

Laboratory Corp. of America Holdings (LH) has agreed to buy the genetic testing business Genzyme Corp. (GENZ) for $925 million as the medical-testing giant looks to expand into areas such as reproductive medicine and oncology.<\/p>

Meanwhile, the sale comes as Genzyme has been struggling for more than a year with manufacturing problems at its most important plant, crimping supply of its two biggest drugs. As such, Genzyme in May said planned to shed three noncore operations--including genetic testing--by year's end \"strategic alternatives\" for three units while repurchasing $2 billion of stock.<\/p>

Genzyme said Monday that proceeds from the genetic-testing sale would go toward that end. The company's stock-market value is about $18 billion. Divestiture of the other two units--diagnostics and pharmaceutical intermediates--remains on track, said Genzyme.<\/p>

\"This acquisition will substantially expand our capabilities in reproductive, genetic, hematology-oncology and clinical trials central laboratory testing,\" said David P. King, chairman and chief executive of LabCorp.<\/p>

Genzyme Genetics performs more than 1.5 million tests a year. It had about $371 million in revenue in 2009.<\/p>

LabCorp in July said its second-quarter profit rose 13% following prior-year charges as revenue improved more than expected.<\/p>

Genzyme closed at $70.79 Friday while LabCorp finished at $76.65. Neither traded premarket.<\/p>

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This has been rumored for some time - LabCorp to buy GenzymeLaboratory Corp. of America Holdings (LH) has agreed to buy the genetic testing business Genzyme Corp. (GENZ) for $925 million as the medical-testing giant looks to expand into areas … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"limit_modified_date":"","last_modified_date":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[577487],"tags":[],"class_list":["post-245270","post","type-post","status-publish","format-standard","hentry","category-pathology"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/posts\/245270"}],"collection":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/comments?post=245270"}],"version-history":[{"count":0,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/posts\/245270\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/media?parent=245270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/categories?post=245270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.euvolution.com\/futurist-transhuman-news-blog\/wp-json\/wp\/v2\/tags?post=245270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}