NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said that it has completed its acquisition of Genzyme Genetics.
LabCorp paid $925 million in cash for the unit of Genzyme. The deal, which was announced in September, includes all of Genzyme Genetics' testing services, technology, intellectual property rights, and nine testing laboratories.
In 2009, Genzyme Genetics brought in revenues of about $371 million. The menu of services it provides includes maternal serum screening, prenatal diagnostics, carrier screening, and postnatal testing.
LabCorp said the acquisition has a net cash cost of around $795 million — net of expected income tax benefits, less acquisition-related expenses.
"Closing the acquisition of Genzyme Genetics firmly establishes LabCorp as the premier genetics and oncology laboratory in the United States and further strengthens LabCorp's leadership position in personalized medicine." David King, chairman and CEO of LabCorp, said in a statement.