LabCorp completes tender offer, acquisition of Monogram Biosciences

By Lisa Kerner

Charlotte, N.C., Aug. 4 - Laboratory Corp. of America said Monogram Biosciences, Inc. shareholders tendered 21,481,203 shares, or approximately 93% of the outstanding shares of Monogram, in LabCorp's $4.55-per-share offer that ended Monday.

The total number of shares included 1,761,597 shares of Monogram common stock tendered through notices of guaranteed delivery.

LabCorp said it accepted all of the tendered shares for payment.

Mastiff Acquisition Corp., LabCorp's wholly owned subsidiary, used its top-up option under the companies' merger agreement and effected a short-term merger to close the deal on Tuesday, according to a LabCorp news release.

"By adding Monogram's innovative offerings to our extensive esoteric testing menu, we will advance our leadership in infectious disease and cancer testing, companion diagnostics and personalized medicine," LabCorp chairman and chief executive officer David P. King said in the release.

Monogram, now a wholly owned LabCorp subsidiary, ceased trading on the Nasdaq Global Market.

As previously reported, 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.