LabCorp has struck a deal to buy Monogram Biosciences for $106.7 million, a deal that will give the company a new set of tools used in drug discovery work. The acquisition today also highlights LabCorp's rapid expansion as it continues on a buyout spree.
A variety of developers, including Pfizer, use Monogram's technology to develop new antivirals, cancer therapies and vaccines. "The potential oncology pipeline associated with this technology is a natural extension of LabCorp's existing oncology offerings for both clinical trials and commercial clients," a LabCorp release said. Monogram also markets technology that helps doctors optimize their patient treatments.
LabCorp is paying Monogram shareholders $4.55 a share, a big premium on the company's $1.68 close yesterday.
- here's the release
- read the report from Dow Jones