In one of the largest acquisitions in the diagnostics space this year, Laboratory Corporation of America (LabCorp; Burlington, North Carolina) said that it has entered into a definitive agreement to acquire Covance (Princeton, New Jersey) for an enterprise value of $5.6 billion. Under the terms of the agreement, which has been approved by the boards of both companies, Covance shareholders will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own. Covance shareholders will own about 15.5% of the combined company.
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