LabCorp starts tender offer for Monogram Biosciences shares

By Lisa Kerner

Charlotte, N.C., July 1 - Laboratory Corp. of America Holdings began its $4.55-per-share cash tender offer for Monogram Biosciences, Inc. under the companies' previously announced June 22 merger agreement.

Monogram's board of directors approved the offer and recommended that the company's stockholders tender their shares, a LabCorp news release said.

The offer will end at midnight ET on July 29, unless extended.

As previously reported, the companies said the transaction has a total equity value of approximately $106.7 million, or a total enterprise value of approximately $155 million at March 31 including net debt.

Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing.

Monogram is a South San Francisco, Calif.-based company that develops and markets products to guide and improve the treatment of serious infectious diseases and cancer.

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