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LabCorp Acquires Chiltern, Evotec Buys Aptuit as CROs Consolidate Further

06:07 EDT 31 Jul 2017 | Genetic Engineering News

The contract research organization sector continues its march toward consolidation of its biggest companies, with a pair of acquisitions totaling $1.5 billion announced since yesterday. LabCorp today disclosed plans to buy Chiltern for approximately $1.2 billion cash, then fold the company into its Covance business segment, which the buyer acquired in 2014 . The combined company will have about $10 billion in revenues—nearly half of which, or $4 billion, will come from CRO activity—and a broader focus on serving smaller as well as larger biopharmas. “The addition enhances Covance’s offerings as a major partner serving the top 20 biopharma segment, and expands our current offering to include a dedicated focus on the high-growth emerging and mid-market biopharma segments,” Covance CEO John Ratliff said in a statement. “Since LabCorp acquired Covance, we have grown the CRO business to nearly $3 billion in annual revenue. We now join ...

Original Article: LabCorp Acquires Chiltern, Evotec Buys Aptuit as CROs Consolidate Further

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