Laboratory Corporation of America Holdings (LabCorp) and Tandem Labs, a leading bioanalytical and immunoanalytical contract research organization (CRO) supporting pharmaceutical and biotechnology companies, have entered into a definitive agreement under which LabCorp will acquire all of the outstanding shares of Tandem Labs and its parent company NWT Inc.
Tandem Labs will continue to operate under its existing name with its current employee and management structure, as a member of the Esoterix clinical trials group at LabCorp. The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2008. Terms of the agreement were not disclosed.
"We are very pleased that Tandem Labs, a premier contract research organization specializing in advanced mass spectrometry, immunoanalytical support, pharmacokinetics, and pharmacodynamics for the pharmaceutical and biotechnology industries is joining our clinical trials business," said David P. King, president and chief executive officer, LabCorp. "The proposed acquisition of Tandem Labs further enhances our leadership position in the laboratory and drug development industries, and solidifies LabCorp's position as the premier laboratory in the emerging field of companion diagnostics. Our clinical trials business, complemented by the proposed acquisition of Tandem, will continue to facilitate the discovery of drugs and laboratory tests that help patients lead better lives".
Commenting on the new developments Dr. Denis Lin, president and chief executive officer, Tandem Labs, said, "Our management team and dedicated employees are very enthusiastic about this development. LabCorp is a company long known for its ability to bring leading-edge services to the market. Our philosophy of assisting customers in a client-centric fashion with the development and launch of new medicines mirrors the values of LabCorp, making us very compatible. Not only does this proposed transaction support Tandem's continued growth, but it creates an invaluable resource for our clients in the pharmaceutical and biotechnology arena."