Diagnostics company LabCorp (NYSE:LH) said today that it has closed its $1.2 billion acquisition of contract research organization Chiltern International.
Chiltern is slated to fold into the company’s Covance drug development business, which conducts clinical trials for drugmakers.
“The addition of Chiltern advances a key element of LabCorp’s strategy – to bring innovative medicines to patients faster which ultimately will improve patient outcomes,” chairman & CEO David King said in prepared remarks. “We are delighted to welcome our Chiltern colleagues and look forward to driving growth and innovation as we offer enhanced solutions to our biopharmaceutical customers.”
Covance, which touts its experience in late-stage trials, was bought by LabCorp in 2015.
“The powerful combination of Covance and Chiltern enables us to provide enhanced customer offerings including expanded functional service provider solutions and leading oncology expertise,” John Ratliff, CEO of Covance, added. “I’m looking forward to beginning the next chapter in our Covance story together with our strong leadership team and talented colleagues. At the same time, I’d like to recognize and thank Jim Esinhart, Chiltern’s CEO, for his leadership in building a tremendous company. While he is not joining us on our journey forward, his dedication to customers, employees and patients has been greatly appreciated.”
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