A pair of life science giants – and rivals – are making moves.
QuintilesIMS is raising nearly $1.5 billion in capital, perhaps in part for future acquisitions.
And LabCorp makes another buy.
The details:
- QuintilesIMS ups debt offering to $1.5 billion
Life science giant QuintilesIMS is raising some $1.5 billion in capital , nearly double the amount announced earlier this week.
The company, which operates dual headquarters in Durham and Danbury, Conn., could use some of the cash for acquisitions.
On Thursday after the markets closed, Quintiles said it wants to raise $1.5 billion from just over $850 million to refinance debt and other expenses.
“The net proceeds from the notes offering, together with proceeds from the previously announced proposed refinancing, will be used to refinance certain of the Issuer’s existing indebtedness, to pay fees and expenses related to the notes offering and the refinancing and for other general corporate purposes, which may include share repurchases, including the repurchase of shares from affiliates and significant shareholders, and future acquisitions,” QuintilesIMS said in a statement.
- LabCorp buys medical lab group
Burlington-based Laboratory Corp of America is buying a medical lab group jointly owned by Providence Health & Services and Catholic Health Initiatives. It’s the latest in a series of deals for the firm.
Financial terms were not disclosed.
The Pathology Associates Medical Laboratories group (PAML) is based in Spokane, Wash.
LabCorp also will acquire PAML’s interest in the several joint ventures: Colorado Laboratory Services (CLS), Kentucky Laboratory Services (KLS), MountainStar Clinical Laboratories (MSCL), PACLAB Network Laboratories (PACLAB) and Tri-Cities Laboratory (TCL).
“This signature transaction strengthens LabCorp’s relationships with anchor health systems and expands LabCorp’s geographic presence into important markets,” said David King, chairman and chief executive officer of LabCorp, in a statement. “We have always admired the commitment of PAML, its owners and its joint venture partners to providing high-quality, community-based laboratory services. LabCorp shares that same vision and commitment, and is excited to work with these industry-leading health systems and hospitals as partners to continue to provide these services.”
PAML and its joint ventures operate in California, Colorado, Idaho, Kentucky, Montana, Oregon, Utah and Washington.
