LabCorp
Challenge
Laboratory Corporation of America Holdings (LabCorp), an S&P 500 company, decided to pursue an acquisition of Orchid Cellmark, a leading international provider of DNA testing services primarily for forensic and family relationship applications. LabCorp is considered a pioneer in commercializing new diagnostic technologies and is the first in its industry to embrace genomic testing. A long-standing client, LabCorp turned to Hogan Lovells to advise on the strategic acquisition.
Analysis
Hogan Lovells’ far-reaching international transactions capabilities are enabling us to structure, negotiate, and implement this highly complex cross-border transaction. With our extensive global reach and in-depth corporate and regulatory experience, we are able to draw from our significant regulatory and business practices in the United States and Europe, forming a team of lawyers from our offices in Baltimore, Washington, D.C., Silicon Valley, Denver, and London.
Result
Under the acquisition agreement, LabCorp will acquire all of the outstanding shares of Orchid Cellmark in a cash tender offer for US$2.80 per share. This transaction will strengthen LabCorp's presence and brand recognition in identity testing in the United States, as well as establish its presence in identity testing in the UK.
Hogan Lovells has a long history of representing LabCorp. In April 2011, we secured the dismissal of an antitrust case at the Federal Trade Commission. The case involved the $57.5 million purchase of Westcliff Medical Laboratories Inc., a rival provider of laboratory services in California. In December 2010, a team of Hogan Lovells lawyers represented LabCorp on its $925 million purchase of Genzyme Genetics, a provider of complex reproductive and oncology testing services.
