Enzo Biochem Sells Clinical Laboratory Division to Labcorp
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By LabMedica International staff writers Posted on 20 Mar 2023 |
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Image: Enzo’s GoTestMeNow online platform allows individuals to request and pay for routine lab tests online (Photo courtesy of Enzo Clinical Labs)
Enzo Biochem (New York, NY, USA) has entered into an agreement for LabCorp Diagnostics (Burlington, NC, USA) to acquire the assets of Enzo’s Clinical Laboratory division. The deal between the two top global life sciences companies comes after several measures taken by Enzo in 2022 to further drive the company’s “focused return” initiative for maximizing shareholder value.
In 2022, Enzo Biochem had begun undertaking a strategic initiative to restructure operations to target business areas and industry sectors that offer opportunities for high growth. Enzo Life Sciences, the company’s remaining operating segment, offers a comprehensive portfolio of products and services that are vital and widely used in drug discovery, development, and translational research applications. Enzo Life Sciences’ products including antibodies, genomic probes, assays, biochemicals, and proteins are sold across the global life sciences market.
“Completion of the sale will position Enzo to assess and execute on further actions to increase shareholder value and advance our global leadership within the life sciences sector,” said Hamid Erfanian, CEO of Enzo Biochem. “We are very grateful to all our colleagues who have made Enzo Clinical Labs a trusted source for patient care. With proven expertise in clinical laboratory services and products, Labcorp is perfectly positioned to bring these operations to new levels of momentum and success.”
“Enzo Clinical Labs is renowned for high-quality testing and expert customer focus, and we look forward to integrating these capabilities through a smooth and seamless transition of services while maintaining a presence on Long Island with testing and service teams,” said Bill Haas, senior vice president of Labcorp Diagnostic’s Northeast Division. “This investment bolsters our commitment to the New York Tristate healthcare communities and we are confident that Enzo Clinical Labs patients and providers will have a combined experience that exceeds their laboratory needs.”
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