BURLINGTON, N.C.--(BUSINESS WIRE)--Aug. 4, 2009--
Laboratory Corporation of America® Holdings (NYSE:LH) today announced
the successful completion of its acquisition of Monogram Biosciences,
Inc. LabCorp acquired Monogram pursuant to a cash tender offer followed
by the merger of a wholly-owned subsidiary of LabCorp with and into
Monogram.
“This acquisition is a significant step in the execution of LabCorp’s
strategy,” said David P. King, Chairman and Chief Executive Officer of
LabCorp. “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.”
As a result of the acquisition, Monogram became a wholly-owned
subsidiary of LabCorp, and Monogram shares ceased to be traded on the
NASDAQ Global Market at the close of trading on August 4, 2009.
At the effective time of 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. American Stock Transfer & Trust
Company, acting as paying agent for the merger, will mail to the
remaining former stockholders of Monogram materials necessary to
exchange their former Monogram shares for such payment.
About LabCorp®
Laboratory Corporation of America® Holdings, a S&P 500
company, is a pioneer in commercializing new diagnostic technologies and
the first in its industry to embrace genomic testing. With annual
revenues of $4.5 billion in 2008, over 28,000 employees worldwide, and
more than 220,000 clients, LabCorp offers clinical assays ranging from
routine blood analyses to HIV and genomic testing. LabCorp combines its
expertise in innovative clinical testing technology with its Centers of
Excellence: The Center for Molecular Biology and Pathology, National
Genetics Institute, ViroMed Laboratories, Inc., The Center for Esoteric
Testing, Litholink Corporation, DIANON Systems, Inc., US LABS,
and Esoterix and its Colorado Coagulation, Endocrine Sciences, and
Cytometry Associates laboratories. LabCorp conducts clinical trial
testing through its Esoterix Clinical Trials Services division. LabCorp
clients include physicians, government agencies, managed care
organizations, hospitals, clinical labs, and pharmaceutical companies.
To learn more about our organization, visit our Web site at: www.labcorp.com.
About Monogram Biosciences, Inc.
Monogram Biosciences, Inc. is advancing individualized medicine by
discovering, developing and marketing innovative products to guide and
improve treatment of serious infectious diseases and cancer. Monogram
Biosciences, Inc.’s products are designed to help doctors optimize
treatment regimens for their patients that lead to better outcomes and
reduced costs. Monogram Biosciences, Inc.’s technology is also being
used by numerous biopharmaceutical companies to develop new and improved
anti-viral therapeutics and vaccines as well as targeted cancer
therapeutics. More information about Monogram Biosciences, Inc. and its
technology can be found on its web site at www.monogrambio.com.
Source: Laboratory Corporation of America® Holdings
Laboratory Corporation of America® Holdings
Investor/Media
Contact:
Bill Bonello, 336-436-7732
Company Information:
www.labcorp.com
