BURLINGTON – Life science giant Labcorp is expanding its footprint and offerings with a deal to acquire Toxikon, a Boston area-based contract research organization with some $40 million in annual revenues.
Financial details of the deal announced early Thursday were not disclosed.
“Adding Toxikon underscores our commitment to nonclinical development and advances our capabilities for both drug development and medical device testing,” said Dr. Paul Kirchgraber, CEO of Labcorp Drug Development. “This acquisition extends Labcorp’s portfolio of full-service drug development and medical device solutions from discovery to market approval.”
According to Labcorp (NYSE: LHC), the deal “allows Labcorp to further engage with large pharmaceutical companies and biotech firms in the region on nonclinical work, as well as facilitating entry into medical device investigational device exemption (IDE) submissions. As such, Toxikon will also complement Labcorp’s existing nonclinical medical device efficacy and safety testing and the associated clinical work performed by Labcorp’s medical device and diagnostics unit.”
Based in Burlington, Labcorp has thousands of employees across the Research Triangle and North Carolina.