Laboratory Corporation of America Holdings (LabCorp) and Esoterix, Inc. and Subsidiaries (Esoterix), a leading provider of specialty reference testing, announced that they have entered into a definitive agreement under which LabCorp will acquire all of the outstanding shares of Esoterix, Inc. for approximately $150 million in cash. The transaction, which is subject to regulatory approval, is expected to close in the second quarter of 2005.
"We are pleased to have the opportunity to join with an organization like Esoterix, a leading laboratory services company focused on innovative diagnostic science, superior customer service, and inventive new products," said Thomas P Mac Mahon, LabCorp's chairman and chief executive officer. "The addition of Esoterix, including the highly regarded brands like Cytometry Associates, Endocrine Sciences, Colorado Coagulation Consultants, and Allergy Testing Labs further enhances our position as the scientific leader in the laboratory industry. Our plan is to let these excellent laboratories play a key role complementing our existing businesses in these important testing areas after the merger."
"We believe the combination of these leading organizations is an exciting and positive development for the industry, the medical community, and the many dedicated Esoterix, Inc. employees," said Jim McClintic, chief executive officer of Esoterix. "Our efforts to maintain the highest quality customer service and a comprehensive specialized testing menu is completely in line with the strategy LabCorp has developed, and we believe this focus makes us very compatible."