LabCorp to acquire Orchid Cellmark |
Written by David Horn
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Wednesday, 06 April 2011 10:04 |
(BURLINGTON) -- LabCorp has entered into a merger agreement with Orchid Cellmark Inc. Orchid is an international provider of DNA testing services primarily for forensic and family relationship applications.
Under the agreement, Burlington-based LabCorp will acquire all of the outstanding shares of Orchid in a deal worth about $85.4 million. The merger will strengthen LabCorp’s position in the identity testing market in the US and establishes its presence in identity testing in the UK, according to a statement released on Wednesday.
“We are very pleased that Orchid Cellmark, a premier DNA testing business with a strong reputation for exceptional quality, reliability and customer service is joining our family,” said David P. King, Chairman and Chief Executive Officer of LabCorp. “The proposed acquisition of Orchid Cellmark significantly diversifies and strengthens our specialized forensic and family relationship testing.”
The acquisition is expected to be complete in the second quarter of 2011.
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