BURLINGTON, N.C. – Laboratory Corporation of American (NYSE: LH) says it has agreed on terms to acquire privately held Clearstone Central Laboratories.
Clearstone, which is based in Canada but works with companies around the world, is based in Toronto. Its focus is late-stage clinical trials.
Financial terms were not disclosed. The deal is expected to close in the near future.
The acquisition is LabCorp’s third since last September.
“This acquisition fully combines the complementary strengths of the Clearstone and LabCorp clinical trials businesses to support drug development,” said David King, LabCorp’s chairman and chief executive officer.
“This transaction is an important milestone as it extends our global footprint and service capabilities in key geographies such as Asia Pacific, and advances the Company’s companion diagnostics and personalized medicine strategy,” he added.
Clearstone has a network of laboratories and also a clinical trials management system called Apollo CLPM.
“The combined entity will have the largest available biomarker assay portfolio with globally harmonized and state-of-the-art testing platforms in areas such as pharmacogenomics, microbiology, immunohistochemistry, allergy testing, cytogenetics and flow cytometry,” LabCorp said.
For more about the deal, read here.
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