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Genzyme Corporation enters into asset purchase agreement with LabCorp

July 09, 2017

Genzyme Genetics is an industry leading provider of reproductive and oncology testing in the United States, specializing in esoteric testing, with nine laboratories performing more than a million tests a year. The business, which also has the largest nationwide network of board-certified genetic counselors, had revenue of $371 million in 2009. LabCorp is one of the nation's largest laboratory testing companies specializing in routine testing, with 38 primary testing locations and more than 1,500 patient service centers.

The terms achieved with LabCorp meet the three foundational requirements Genzyme established for divestitures: (1) to recognize the value of employees with appropriate treatment as part of the transaction, (2) to create a future for Genzyme Genetics in which customers continue to be served well, and (3) to create value for Genzyme shareholders.

Mr. Termeer continued, "LabCorp is the right strategic partner for Genzyme Genetics. LabCorp intends to invest in growing its operations. The business will have the opportunity to continue to grow, serve its customers and fulfill its potential to bring continued innovation to important areas of the diagnostics field."

Genzyme was advised by Credit Suisse and Goldman Sachs & Co on this transaction. The company's legal adviser was Ropes & Gray.

Source : Genzyme Corporation