Laboratory Corporation of America (NYSE: LH) is about to get even bigger.
The lab testing firm, which is based in Burlington and has 30,000 employees across the U.S., said Monday it is acquiring Medtox Scientific (Nasdaq: MTOX) for $27 per deal.
The all-cash agreement is worth $241 million.
Medtox is a provider of specialized forensice lab testing services as well as on-site collection testing.
Both company boards have agreed the deal. It is expected to close in the third quarter, pending regulatory approval.
“We are extremely pleased that Medtox, a premier forensic and clinical laboratory with a reputation for exceptional quality, dependability and customer service is joining our family,” said David King, LabCorp’s chairman and chief executive officer.
“Medtox is an industry leader in specialized toxicology testing. This acquisition provides a strong foundation for growth in this business, as we build and expand LabCorp’s Toxicology Center of Excellence and add to the unrivaled assets of the LabCorp Specialty Testing Group.”