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In Brief This Week: LabCorp, Inivata, Abbott, And More

NEW YORK (360Dx) – Laboratory Corporation of American said this week that its Covance Drug Development segment will buy Envigo's nonclinical research services business, while Envigo's Research Models Services business will buy LabCorp's Covance Research Products business in a $485 million deal to be paid by LabCorp. The deal allows Covance to expand its global nonclinical drug development capabilities, and Envigo will become a pure-play research models and services business. The deal is expected to close within two months, the firms said, and is expected to add $156 million to LabCorp's revenues on a pro forma basis for 2019.

Inivata said this week that it has received accreditation from the College of American Pathologists for its CLIA laboratory in Research Triangle Park, North Carolina. The CAP accreditation is awarded to laboratories which meet stringent quality, accuracy, and consistency requirements, the company said.

Abbott's board of directors this week declared a quarterly dividend of $.32 per share, payable on May 15 to shareholders of record at the close of business on April 15.

Agendia announced this week that it has created a Center of Innovation and R&D Excellence in the Netherlands. Through the new center, Agendia will leverage the expertise of its scientists, as well as researchers and collaborators in Europe, to advance next-generation sequencing technology in the diagnostics space. One focus of the new center will be to support products related to the firm's NGS offerings for its customers in Europe and Asia using Agendia's decentralized proprietary tests, including MammaPrint and BluePrint. The center will also focus on the discovery and development of global service and products using NGS technology.

Yourgene Health said this week that it has raised gross proceeds of approximately £11.8 million ($13.3 million) through a placing of 110.5 million new ordinary shares, priced at 0.1 pence each in the capital of the company and the subscription by certain Yourgene directors for 4.9 million ordinary shares at the issue price of 10.25 pence per share.

The placing was significantly oversubscribed, with strong demand received from existing and new shareholders, the company said. The proceeds will be used to fund the £6.3 million cash consideration payable by Yourgene on completion of its acquisition of Elucigene, as well as to provide additional working capital for the Enlarged Group.

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.