LabCorp Completes Acquisition Of Monogram Biosciences
Monogram, a venture in infectious disease and cancer testing for LabCorp
Laboratory Corporation of America (LabCorp) has completed the acquisition of Monogram Biosciences (Monogram). LabCorp acquired Monogram pursuant to a cash tender offer, followed by the merger of a wholly-owned subsidiary of LabCorp with and into Monogram.
As a result of the acquisition, Monogram became a wholly-owned subsidiary of LabCorp, and its shares ceased to be traded on the NASDAQ Global Market at the close of trading on August 4, 2009.
As per the merger, all outstanding shares of Monogram common stock, not validly tendered and accepted for payment in the tender offer, were converted into the right to receive $4.55 per share in cash (the same price paid in the tender offer), without interest and subject to applicable withholding taxes.
David King, chairman and CEO of LabCorp, said: “This acquisition is a significant step in the execution of LabCorp’s strategy. By adding Monogram's innovative offerings to our extensive esoteric testing menu, we will advance our leadership in infectious disease and cancer testing, companion diagnostics and personalized medicine.”
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