NEW YORK (GenomeWeb News) – Laboratory Corporation of America's $107 million acquisition of Monogram Biosciences has cleared US antitrust review, the clinical lab giant said today.
Under the deal announced last month, LabCorp will acquire all of the outstanding shares of Monogram in a cash offer of $4.55 per share for a total equity value of $106.7 million. The acquisition price represented a significant premium over Monogram's closing price of $1.68 on the Nasdaq the day before the acquisition was announced.
The tender offer is scheduled to expire at the end of the day on July 29, unless it is extended. The firms previously said that they hope to close the acquisition during the third quarter.