Laboratory Corp. of America Holdings agreed to buy Covance Inc. for about $6.1 billion, creating a business that performs an unusual combination of routine medical tests and research for drug companies.
Covance shareholders will receive cash and stock valued at $105.12 a share, the companies said in a statement Nov. 3. That’s 32 percent above Covance’s closing price Oct. 31. LabCorp shares fell the most since December 2013.
The two businesses have little in common. While LabCorp processes patient samples for doctors and hospitals, Covance helps drugmakers such as Eli Lilly & Co. and Sanofi run clinical trials for their ...
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