Hogan Lovells Represents LabCorp in Net US$485 Million Complex Strategic Acquisition and Divestiture
New York, Washington D.C., 17 April 2019 – Hogan Lovells is representing LabCorp, a leading global life sciences company, in a complex two-way acquisition and divestiture transaction with Envigo, a leading provider of nonclinical contract research services and research models. Under the signed agreements, LabCorp’s Covance Drug Development segment will acquire Envigo’s nonclinical contract research services business, and Envigo will acquire LabCorp’s Covance Research Products business. The proposed transactions will result in net cash consideration payable by LabCorp of US$485 million.
The transactions will make Envigo, a leading provider of nonclinical contract research services and research models, a pure-play research models and services business, while LabCorp-owned Covance will expand its global nonclinical drug development capabilities. At closing, the two businesses also will enter into a multi-year strategic supply agreement to continue their business relationship.
The Hogan Lovells team was led by corporate partners Mike Silver and Allen Hicks, counsel Jessica Bisignano and senior associates Gabi Witt and Allison Netto, with support from, tax partner Scott McClure, finance partner Stuart Morrissy and senior associate Andrew Ceppos, antitrust partners Leigh Oliver and Angus Coulter and senior associate Lauren Battaglia, employee benefits partner Carin Carithers and senior associate Ben Clark and UK pensions partner Edward Brown, among others.
Hogan Lovells has advised LabCorp for more than a decade on many of its most significant strategic M&A transactions, including acquisitions of Chiltern, Covance, Genzyme Genetics, Pathology Associates Medical Laboratories (PAML), Mount Sinai Health System Clinical Outreach Laboratories, Monogram Biosciences, Medtox, Liposcience, Sequenom and Sciformix and the sale of its Covance Food Solutions business.