Covance

Total revenues reached $2.54 billion during the quarter, while LabCorp Diagnostics' revenues rose more than 8 percent to $1.80 billion. 

As the development of drugs and diagnostics are increasingly beginning to merge, Covance is aiming to dedicate resources to capture market share.

The company reported $2.27 billion in revenues and updated its year-end guidance.

The company reported $2.22 billion in second quarter revenues, with $620.8 million attributable to the Covance acquisition.

LabCorp subsidiary Covance will process patient samples in Singapore and send them to Epic's San Diego lab for CTC analysis.

Acquisition of the contract research organization, since closing on Feb. 19, contributed $267.2 million to LabCorp's revenues, driving 18.7 percent growth year over year.

According to CEO David King, the deal allows LabCorp greater access to therapeutic areas, as it forecasts $100 million in incremental CDx revenues by 2018.

The notes, being offered in four tranches, will be used to help pay for LabCorp's $6.1 billion acquisition of Covance.

NEW YORK (GenomeWeb) – Laboratory Corporation of America and Covance today announced a definitive agreement under which LabCorp will acquire Covance for about $6.1 billion in cash and stock.

NEW YORK (GenomeWeb) – EMD Serono Research and Development Institute, a subsidiary of Merck KGaA, is collaborating with Massachusetts General Hospital to research systemic lupus erythematosus and lupus nephritis pathogenesis.

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