LabCorp to buy Covance for $6.1 billion

(Reuters) – Laboratory Corp of America Holdings, a major provider of healthcare diagnostic services, said it would buy Covance Inc for about $6.1 billion in cash and stock to expand into the contract clinical trial business. Covance’s drug development outsourcing services help pharmaceutical companies cut costs by eliminating the need to maintain in-house laboratories. Covance shareholders will receive $75.76 in cash and 0.2686 LabCorp shares for each share held. The offer of $105.12 per share represents a premium of 32 percent to Covance’s closing price on Friday. …
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