LabCorp completes Genzyme Genetics acquisition

Laboratory Corporation of America® Holdings (NYSE: LH) today announced the successful completion of its acquisition of Genzyme Genetics, a business unit of Genzyme Corp. (NASDAQ: GENZ), in an all cash transaction valued at $925 million. Net of expected income tax benefits, less acquisition-related expenses, the acquisition has a net cash cost to LabCorp of approximately $795 million.

“Closing the of Genzyme Genetics firmly establishes LabCorp as the premier genetics and oncology laboratory in the United States and further strengthens LabCorp's leadership position in personalized medicine. We are excited to welcome the Genzyme Genetics personnel to our LabCorp family”

Genzyme Genetics is a leading provider of complex reproductive and oncology testing services and the preferred provider for such services to maternal fetal medicine specialists and obstetrician / gynecologists nationally. "Closing the acquisition of Genzyme Genetics firmly establishes LabCorp as the premier genetics and oncology laboratory in the United States and further strengthens LabCorp's leadership position in personalized medicine. We are excited to welcome the Genzyme Genetics personnel to our LabCorp family," said David P. King, Chairman and Chief Executive Officer of LabCorp.