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LabCorp Completes Sequenom Acquisition

NEW YORK (GenomeWeb) – Laboratory Corporation of America announced today that it has completed its acquisition of Sequenom.

The deal — which was announced in late July and was expected to close by the end of the year — is valued at approximately $302 million, or $2.40 per share of Sequenom stock. Including the company's indebtedness, the total enterprise value of the acquisition was estimated at $371 million. In late August, the acquisition passed US government antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

To facilitate the transaction, LabCorp formed an acquisition subsidiary called Savoy Acquisition, which launched the tender offer of $2.40 per share. As of this morning, LabCorp said, Sequenom stockholders had validly tendered 82.9 million shares during the offering period, representing approximately 69 percent of the firm's outstanding shares of common stock, sufficient to have met the minimum condition of the offer and to enable the merger without a vote of Sequenom's stockholders. Each Sequenom share not tendered in the offer has now been converted into the right to receive $2.40 to the seller in cash.

"With the addition of Sequenom, LabCorp is a market leader for non-invasive prenatal testing, women's health, and reproductive genetics," said LabCorp Chairman and CEO David King in a statement. "This strategic acquisition also expands our reach both domestically and internationally and furthers our mission to improve health and improve lives around the globe."

Sequenom's shares stopped trading on the Nasdaq yesterday, ending at $2.39. LabCorp's shares rose 1 percent to $139.89 in mid-morning trading today on the New York Stock Exchange.