By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – Laboratory Corporation of America has signed a definitive agreement to purchase Orchid Cellmark for $85.4 million, the two firms announced today.

Under the terms of the deal, LabCorp will purchase 30.5 million outstanding shares of Orchid Cellmark, including options, at $2.80 per share. Less Orchid Cellmark's cash and cash equivalents, and available for sale securities as of Dec. 31, 2010, the price of the deal is about $65.6 million.

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