Diagnostics company LabCorp to buy smaller rival Sequenom

(Reuters) – Laboratory Corporation of America Holdings said it would buy Sequenom Inc, a maker of non-invasive prenatal tests for reproductive health, for about $371 million, including debt. The $2.40 per share cash offer, which has a total equity value of $302 million, represents a 182% premium to Sequenom’s Tuesday close. Sequenom’s shares rose 177% to $2.36 in premarket trading on Wednesday. Sequenom offers genetic tests that allow patients to gain insight about their pregnancy and conditions that can affect their baby’s health. The company’s MaterniT test screens for chromosomal abnormalities and conditions like Down syndrome, Edwards syndrome and Patau syndrome. The buy complements LabCorp’s own women’s health and reproductive genetics testing products. The U.S. Supreme Court last month rejected a bid to review a ruling by a federal court to invalidate Sequenom’s patent in an infringement dispute with rival Ariosa Diagnostics, a unit of Roche Holding AG. The post Diagnostics company LabCorp to buy smaller rival Sequenom appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Diagnostics Mergers & Acquisitions LabCorp Sequenom Inc. Source Type: news