LabCorp splashes $6bn on drug trial firm Covance
This article was originally published in Clinica
Laboratory Corporation of America (LabCorp) has agreed to buy drug development specialist Covance in a deal worth around $6.1bn in terms of equity value. The cash-and-stock transaction currently values Covance’s shares at $105.12, a 32% premium over their closing price of $79.90 on 31 October, the last trading day before the purchase was announced. The deal gives Covance an enterprise value of around $5.9bn.