Laboratory Corporation of America (LH), also known as LabCorp, plans to acquire Covance (CVD) for $6.1 billion. Covance, a CRO that provides services for drug development and animal testing, is based in Princeton, NJ (US).
LabCorp is the second largest clinical diagnostic company in the U.S. Acquiring Covance will help LabCorp access a larger international audience and get more support for clinical trial business.
LabCorp chief executive and board chairman will oversee the combined company as chairman and CEO. Boards of trustees from both companies have approved the agreement.