Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
BURLINGTON, N.C. (AP) — Laboratory Corp. of America will pay $85.3 million in cash for diagnostic test maker LipoScience Inc. in a deal that aims to strengthen its clinical decision support programs.
LabCorp will pay $5.25 for each LipoScience share, a 65 percent premium to the stock's closing price on Wednesday. Shares of LipoScience soared after the deal was announced Thursday morning.
Raleigh, North Carolina-based LipoScience makes personalized tests for cardiovascular and metabolic disorders to help manage conditions like heart disease. Burlington, North Carolina-based LabCorp's products include blood analyses and reproductive genetics tests that it performs for health care providers, insurers and government agencies.
Shares of LipoScience climbed 64 percent, or $2.03, to $5.22 in morning trading Thursday.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
