LabCorp Acquires Covance Genomics Laboratory

We are excited to announce LabCorp's acquisition of the Covance Genomics Laboratory (CGL) and its associated genomic analysis business. This state-of-the-art laboratory located in Seattle provides leading-edge complex genomic analysis, including gene expression array studies and next generation sequencing applications, to support drug development activity for pharmaceutical and biotechnology companies. In addition to offering these services to our existing clients, LabCorp and Covance have entered into a five-year services agreement to collaborate and continue offering specialty genomic services to Covance clients.

The platforms and capabilities available at this laboratory are complementary to and broaden LabCorp's existing global Clinical Trials laboratory network, and we will work to develop and expand these capabilities in the future. Equally impressive are the skills and accomplishments of the more than 50 scientists and staff who are now members of the LabCorp team.

In addition to global safety and specialty testing services, LabCorp can now offer clients a more comprehensive set of genomic services in earlier stages of drug development. The acquisition enhances LabCorp's existing biomarker development and companion diagnostics capabilities and it confirms our commitment to expand and enhance our industry-leading genomic services -- including translational biomarkers, computational biology, and next generation sequencing.

LabCorp Clinical Trials already provides a number of core genomic services -- including mutation analysis, pharmacogenetics, and pharmacogenomics -- from our global locations in North America, Belgium and China to support early- to late-phase clinical trials. This acquisition significantly expands our current offering by allowing LabCorp to provide clients with a more comprehensive set of genomic services from preclinical and early development to late-stage development.