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In Brief This Week: Danaher, Labcorp, Quest, and More

NEW YORK (360Dx) Danaher said this week that it has closed its concurrent offerings of 12.1 million shares of its common stock at $123 per share, and 1.65 million shares of 4.75 percent Series A Mandatory Convertible Preferred Stock at $1,000 per share. Included in the amounts sold are 1.1 million shares of common stock and 150,000 shares of the preferred stock issued to the underwriters of the offerings in separate options. Net proceeds from the common stock offering were about $1.44 billion and net proceeds from the preferred stock offering were about $1.60 billion. The proceeds will be used to fund a portion of Danaher's proposed $21.4 billion acquisition of GE Biopharma.

Laboratory Corporation of America recorded net restructuring charges of $48.1 million related to severance and other personnel costs, and integration activities in 2018, it reported in its Form 10K to the US Securities and Exchange Commission this week. The company recorded $20.5 million within the LabCorp Diagnostics business and $27.6 million within the Covance Drug Development business. The charges were comprised of $40.3 million in severance and other personnel costs, and $11.8 million in facility-related costs, associated mainly with general integration activities. The charges were partially offset by the reversal of previously established reserves of $2 million in unused severance and $2 million in unused facility-related costs, the company said.

Quest Diagnostics said this week that its board has declared a quarterly cash dividend of $.53 per share, payable on April 22 to shareholders of record on April 8.

Paige.AI said this week that the US Food and Drug Administration has granted breakthrough device designation for its artificial intelligence-based tools used by pathologists in cancer diagnosis.

Paige.AI was launched in early 2018 based on technology developed by company cofounder Thomas Fuchs and his colleagues and leveraging a license agreement with Memorial Sloan Kettering Cancer Center. Under the license agreement, Paige.AI has received more than one million de-identified images of digitized slides from MSK and is funding the digitization of an additional 4 million archive slides.

Paige.AI is working with the de-identified dataset to develop a portfolio of AI products across cancer subtypes for use by pathologists.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.