LabCorp, a provider of diagnostic solutions and breakthrough medicines, recently announced plans for its all-cash acquisition of international contract research firm Chiltern of England for approximately $1.2 billion, enhancing LabCorp’s portfolio and capabilities.
Chiltern expects 2017 revenue of approximately $550 million; and adjusted earnings before interest, taxes, depreciation and amortization of approximately $95 million.
“This acquisition strengthens our position as a leading life sciences company that delivers innovative diagnostics and drug development solutions to improve health and improve lives,” LabCorp’s Chairman and CEO David King said. “Our acquisition of Covance has demonstrated the value of combining diagnostic and CRO capabilities, expertise, data and leadership. The addition of Chiltern furthers our strategy and will provide us with enhanced capabilities across a broader client base as we continue to innovate and grow.”
Covance is a contract research organization and drug development services company. To field questions from investors and industry stakeholders, LabCorp hosted a conference call immediately following the announcement.
“Joining LabCorp and Covance will allow Chiltern to expand its collaborative approach to bring better, more personalized therapies to market for patients every day,” Chiltern CEO Jim Esinhart said. “Customers will benefit from the expanded capabilities this provides and our employees will have a greater opportunity to propel research into the future with strong, supportive partners.”