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LabCorp Buy of Genzyme Genetics Clears FTC

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said that its $925 million proposed acquisition of Genzyme Genetics has cleared antitrust review.

The Burlington, N.C.-based medical laboratory testing and services firm said that it has received early termination from the Federal Trade Commission of the waiting period under the federal Hart-Scott-Rodino Antitrust Improvement Act of 1976, clearing one hurdle for LabCorp to close the purchase of Genzyme Genetics on or around Dec. 1.

The deal is expected to have a net cash cost to LabCorp of about $795 million, after income tax benefits and acquisition-related costs have been factored in.

Genyzme Genetics, a business unit of Genzyme, performs more than 1.5 million clinical tests each year. In 2009, it generated about $371 million in revenues. The menu of services it provides includes maternal serum screening, prenatal diagnostics, carrier screening, and postnatal testing.

The sale of the business is part of a strategy by Genzyme to concentrate on its core business.