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LabCorp Acquires Envigo’s Global Nonclinical Contract Research Business, Envigo Acquires LabCorp’s Covance Research Products Business
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LabCorp’s Covance Drug Development segment has completed the acquisition of Envigo’s nonclinical contract research services business, expanding Covance’s global nonclinical drug development capabilities with additional locations and resources. Envigo’s Research Models and Services business has completed the acquisition of the
“This unique transaction furthers a key element of our strategy to provide the biopharma industry with comprehensive drug development services that help bring innovative medicines to patients,” said
“With a singular focus on being the provider of choice for research models and services that support discoveries and development across life sciences, Envigo has set a new and exciting course for the future,” said Dr.
LabCorp Transaction Details
The transactions resulted in net implied cash consideration paid by LabCorp of
LabCorp (NYSE: LH), an
Envigo provides the broadest range of standard research models to the pharmaceutical and biotechnology industries, government, academia and other life science organizations. As the largest organization that is solely dedicated to providing research models and related products and services, we are committed to helping researchers realize the full potential of their critical R&D projects as we fulfill our mission to work together to build a healthier and safer world. To learn more about Envigo’s products and services, visit www.envigo.com.
LabCorp Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws with respect to the transaction between LabCorp and Envigo, including statements regarding the benefits of the transaction and the products and markets of each company. These forward-looking statements generally are identified by the words “believe,” “project,” “forecast,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results could differ materially from those suggested by the forward-looking statements in this press release, due to factors including but not limited to: the successful integration of Envigo’s nonclinical business into the Covance Drug Development nonclinical business; adverse reactions to the integration by customers, suppliers or strategic partners; dependence on key personnel and customers; reliance on proprietary technology; management of growth and organizational change; failure to executive the multi-year, renewable supply agreement between Covance and Envigo; and competitive actions in the marketplace. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of LabCorp described in the RISK FACTORS section of LabCorp’s Annual Report on Form 10-K for the year ended