Laboratory Corp. of America or LabCorp will dramatically expand its genetic testing business through the purchase of Genzyme Genetics, a business unit of Genzyme Corp.
The all-cash transaction is valued at $925 million, according to an announcement of the deal. LabCorp, which is based in Burlington, will offer jobs to the 1,900 employees of the Genzyme unit.
“Genzyme Genetics is among the premier genetics and oncology laboratories in the United States. It has an excellent clinical reputation, a track record of growth and innovation and outstanding people,” said David P. King, CEO of LabCorp. “The acquisition of Genzyme Genetics provides us with an unprecedented opportunity for revenue growth in our key strategic focus areas of esoteric testing and personalized medicine.”
Genzyme Genetics provides reproductive and oncology testing services, performing about 1.5 million tests each year. Annual revenues of the unit are around $371 million.
The acquisition is expected to close by the end of the year.