LabCorp's $241M Medtox buyout plan clears hurdle

LabCorp's ($LH) push to buy out Medtox Scientific ($MTOX) for $241 million in cash has cleared the all-important antitrust approval process, both companies announced this week.

But the process isn't over yet. Medtox shareholders will vote on the deal in a special July 31 meeting at the company's Minnesota headquarters. If all goes well, LabCorp finalizes its bid in the 2012 third quarter as previously planned.

LabCorp focuses on diagnostics and genomic testing, and acquiring Medtox will allow it to expand its toxicology and specialty testing business lines. Medtox is a forensic and clinical laboratory and its diagnostics arm in Burlington, NC develops on-site drug use diagnostics screening technology. Translated, that means the company offers employment drug screening and occupational health diagnostics testing.

Beyond that, Medtox's laboratories division in St. Paul, MN is a full-service clinical and drug testing laboratory that contracts out for clinical trials and offers direct testing services to physician's offices.

LabCorp generated more than $5.5 billion in revenue in 2011 and offers products and services ranging from blood analysis, to reproductive genetics testing and companion diagnostics.

- read the release