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LabCorp Completes Monogram Offer; Merger Will be Completed Today

NEW YORK (GenomeWeb News) – Laboratory Corporation of America today said that its tender offer for all outstanding shares of common stock of Monogram Biosciences expired at midnight last night, and the firm expects to complete its $107 million purchase at the close of business today.

LabCorp said that 21,481,203 shares of Monogram were tendered, representing approximately 93 percent of the outstanding shares of Monogram. LabCorp said that it would promptly pay Monogram shareholders the $4.55 per share stipulated in the agreement, which was reached in June.

LabCorp also said that it would exercise the "top-up option" under the terms of the acquisition agreement, which will enable it to effect a short-form merger by the close of business today, without the need for a meeting of Monogram's stockholders. Each share not tendered and accepted for payment in the offer will be converted into the right to receive $4.55 in cash.

Monogram, which makes pharmacogenomic assays, including the Trofile assay, which helps physicians determine which patients would benefit from treatment with Pfizer's maraviroc (Selzentry) drug, will become a wholly-owned subsidiary of LabCorp and will cease trading on the Nasdaq after today.

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