LabCorp to Acquire Esoterix

In a transaction that will complement the company's existing business, Laboratory Corp. of America Holdings (LabCorp, Burlington, NC, USA) has agreed to acquire Esoterix, Inc. and subsidiaries (Austin, TX, USA) for about U.S.$150 million in cash.

Esoterix is a national reference laboratory that provides a comprehensive menu of specialized testing to hospitals, physicians, pharmaceutical and biotechnology companies, and other laboratories. The company has one laboratory in The Netherlands and nine in the United States. Esoterix' menu includes hematopathology consultations, flow cytometry, cytogenetics, immunohistochemistry, coagulation, fluorescence in situ hybridization (FISH), molecular genetics, and tumor markers.

"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,” observed Jim McClintic, CEO of Esoterix.

With annual revenues of $3.1 billion in 2004, LabCorp is a pioneer in commercializing new diagnostic techniques and offers clinical assays ranging from blood analyses to HIV and genomic testing.

"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, chairman and CEO of LabCorp.



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