LabCorp To Acquire MEDTOX Forensic and Clinical Laboratory
Posted Jun 08 2012 11:39am
Just as other healthcare companies are growing by acquisition, same seems to hold true for labs. Last year LabCorp purchased a large southern California Lab company, Westcliff which had some hiccups with the FTC.
MEDTOX works with many hospitals for lab tests and also has a division that works with clinical trials. Products are FDA approved and some of the products come in a “kit” making it easy to use. Urine samples as well as “cassettes” that yield results in 5 minutes are options with many of their tests. In addition to lab testing, LabCorp also has another subsidiary in Los Angeles for genomic testing. BD
From the website: “MEDTOX operates a SAMHSA-certified drug testing laboratory, a CAP and CLIA-certified clinical laboratory and a diagnostic division which is an FDA registered establishment. Our comprehensive laboratory and diagnostic testing services coupled with our commitment to excellent customer service ensures that our clients' testing programs operate as efficiently and effectively as possible. We are committed to building strong relationships with our clients; being responsive to their questions and adaptable to their needs.”
BURLINGTON, N.C., Jun 04, 2012 (BUSINESS WIRE) -- Laboratory Corporation of America(R) Holdings LH +1.10% and MEDTOX Scientific, Inc. MTOX +0.19% , a provider of high quality specialized laboratory testing services and on-site/point-of-collection testing (POCT) devices, today announced that they had entered into a definitive merger agreement under which LabCorp would acquire MEDTOX for a purchase price of $27.00 per share in cash, representing a total enterprise value of approximately $241,000,000. The board of directors of MEDTOX unanimously approved the agreement and recommended approval of the transaction by MEDTOX's shareholders.