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Labcorp (NYSE: LH) has successfully closed its acquisition of Toxikon Corporation, enhancing its nonclinical development portfolio. This strategic move aims to strengthen Labcorp's presence in the pharmaceutical and biotechnology sectors, especially in Boston, Massachusetts. The acquisition was first announced on November 18, although specific financial details remain undisclosed. Labcorp continues to grow its capabilities in providing essential insights for healthcare advancements, backed by a revenue of $14 billion in FY 2020.
Positive
Acquisition enhances Labcorp's nonclinical development portfolio.
Strategic expansion into the Boston area, a key market for pharmaceutical and biotechnology clients.
Negative
None.
BURLINGTON, N.C.--(BUSINESS WIRE)--
Labcorp (NYSE: LH), a leading global life sciences company, today announced that it has closed its acquisition of Toxikon Corporation, a contract research organization delivering best-in-class nonclinical testing services. The addition of Toxikon to Labcorp Drug Development bolsters Labcorp’s strong nonclinical development portfolio, and creates a strategic footprint for the company to partner with pharmaceutical and biotechnology clients in the Boston, Mass., area.
The definitive agreement for the transaction was announced on Nov. 18. Specific terms were not disclosed.
About Labcorp
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY 2020. Learn more about Labcorp at www.Labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.
What is the significance of Labcorp's acquisition of Toxikon Corporation?
The acquisition of Toxikon enhances Labcorp's nonclinical development portfolio and strengthens its strategic footprint in the pharmaceutical and biotechnology sectors.
When was the acquisition agreement for Toxikon Corporation announced?
The acquisition agreement was announced on November 18.
What impact will the Toxikon acquisition have on Labcorp?
The acquisition is expected to bolster Labcorp's capabilities in delivering nonclinical testing services.
What is Labcorp's revenue for FY 2020?
Labcorp reported a revenue of $14 billion in FY 2020.
Where is Labcorp enhancing its services with the Toxikon acquisition?
Labcorp is enhancing its services in the Boston, Massachusetts area.
