- Labcorp将购买Envigo的非卷轴合同raybetAPP研究服务业务，扩大了Covance非临床药物开发业务的全球范雷竞技LOL投注围和能力
- Envigo’s research models and services business will purchase Covance’s research products business located in the United States, combining two complementary businesses into a new comprehensive research models and services company
- Covance and the new Envigo research models and services entity will enter into a multi-year renewable supply agreement
Burlington, N.C., and East Millstone, N.J.— April 17, 2019 — LabCorp® (NYSE: LH), a leading global life sciences company that is deeply integrated in guiding patient care, and Envigo, a leading provider of nonclinical contract research services and research models, today announced that LabCorp’s Covance Drug Development segment will acquire Envigo’s nonclinical research services business and Envigo’s Research Models Services business will acquire the Covance Research Products business. This will result in Envigo becoming a pure-play research models and services business, while Covance will expand its global nonclinical drug development capabilities.
“这种独特的交易是我们改变药物发展的战略的一部分，加强考察能够为生物野蛮行业提供全面的全球非纯粹研究服务的能力，”拉布哥尔普董事长和首席执行官大卫·王。雷竞技LOL投注“在一起，我们正在采取创造性和协作的早期研究方法，这表明Labcorp承诺为客户提供创新的解决方案，最终会改善健康和改善生活。”
“This landmark agreement will provide an enhanced experience to our valued customers across both segments of our company and closely aligns with our vision to work together to build a healthier and safer world,” said Dr. Adrian Hardy, president and CEO of Envigo. “We are excited to welcome the team members who will be joining our expanded research models and services entity and for our colleagues who will become important contributors to one of the world’s most innovative and respected contract research organizations. As a result of the multi-year strategic supply collaboration, we look forward to partnering with our colleagues at Covance to advance critical, life-enhancing research.”
拟议的交易须遵守劳动磋商，监管批准和习惯性收缩条件，预计将在两个月内关闭。
Strategic Highlights
Enhances the reach and scope of Covance nonclinical development
- The divestiture of Covance Research Products through this transaction simplifies and focuses the Covance Drug Development nonclinical research business model.
- The infusion of additional scientific and technical expertise and industry insight from Envigo will enable Covance to enhance its nonclinical capabilities, including respiratory, with additional facilities in Europe and the U.S. to meet growing client needs.
- The combined Covance nonclinical research business will increase its employee base by nearly one-third, to approximately 4,200 employees globally.
Creates a comprehensive research models and services business
- 这两个互补的总理的结合suppliers of research models and services will enable clients to more easily source the best models for their research needs to meet demand across biopharma, the contract research organization industry, government and academia.
- The new business, branded as Envigo, will have more than 1,200 employees globally.
- Customers will benefit from an enhanced focus and ability to invest in new services and products.
- The new Envigo research models and services business and Covance will continue to collaborate through a strategic supply agreement so clients will continue to receive access to the high-quality research models and services to which they are accustomed, as well as expanded access to a full range of models, diets and bedding.
LabCorp Transaction Details
The proposed transactions will result in net implied cash consideration to be paid by LabCorp of $485 million. The net impact of the proposed transactions will be an incremental $156 million in LabCorp’s revenues on a pro forma 2018 basis. The proposed transactions are expected to meet LabCorp’s financial criteria of earnings and cash accretion in year one and exceeding the cost of capital by year three. LabCorp will provide an update on its first-quarter earnings call.
Advisers
Goldman Sachs & Co. LLC is serving as financial adviser to LabCorp. Hogan Lovells US LLP is serving as LabCorp’s legal counsel. Wells Fargo Securities, LLC is serving as financial adviser to Envigo, and Cahill Gordon & Reindel LLP is serving as Envigo’s legal counsel.
关于LabCorp
LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostic solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenues of more than $11 billion in 2018. To learn more about LabCorp, visitwww.LabCorp.com, and to learn more about Covance Drug Development, visitwww.covance.com..
关于Envigo
raybetAPPEnvigo为生物制药，作物保护和化工公司以及大学，政府和其他研究组织提供了关键任务产品和研雷竞技LOL投注究服务。我们公司的原则上成立了研究伙伴关系取决于无与伦比的专业知识，对客户服务和共用目标的坚定性奉献奉献。我们致力于帮助客户实现他们的研究和产品的全部潜力，因为我们共同努力建立更健康和更安全的世界。
LabCorp Forward-Looking Statements
本新闻稿包含前瞻性statements within the meaning of the federal securities laws with respect to the proposed transaction between LabCorp and Envigo, including statements regarding the benefits of the transaction, the anticipated timing of the transaction and the products and markets of each company. These forward-looking statements generally are identified by the words “believe,” “project,” forecast,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results could differ materially from those suggested by the forward-looking statements in this press release, due to factors including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect LabCorp’s business and the price of its common stock, (ii) the failure to satisfy the conditions to the consummation of the transaction, including the receipt of certain governmental and regulatory approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement, (iv) the effect of the announcement or pendency of the transaction on LabCorp’s or Envigo’s business relationships, operating results, and business generally, (v) risks that the proposed transaction disrupts current plans and operations of Envigo or LabCorp and potential difficulties in affected employee retention as a result of the transaction, (vi) risks related to diverting management’s attention from ongoing business operations, (vii) the ability of LabCorp to successfully integrate Envigo’s nonclinical contract research operations and product lines, (viii) the possibility that Envigo’s nonclinical contract research services business will not meet its projected financial results, (ix) the success of the strategic supply agreement between LabCorp and Envigo and (x) the ability of LabCorp to implement its plans, forecasts, and other expectations with respect to Envigo’s business after the completion of the proposed transaction. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of LabCorp described in the “Risk Factors” section of LabCorp’s Annual Report on Form 10-K for the year ended December 31, 2018, subsequent Quarterly Reports on Form 10-Q, and in LabCorp’s other filings with the SEC. The information in this press release should be read in conjunction with a review of LabCorp’s SEC filings including the information under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in LabCorp’s most recent Form 10-K and Form 10-Q. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and LabCorp assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
LabCorp Contacts:
Media: Sue Maynard: +1 336-436-5133
Media@labcorp.com
Investors: Clarissa Willett: +1 336-436-5076
Investor@labcorp.com
Envigo Contact:
Click hereto contact Envigo.
