CAMBRIDGE, Mass. Laboratory Corp. of America Holdings will purchase a clinical testing business from Genzyme, Genzyme said Monday.
The biotech company said LabCorp would buy Genzyme Genetics, its reproductive and cancer testing unit, for $925 million in cash.
“This transaction demonstrates the strategic value of Genzyme Genetics and the strong franchise we’ve built over a 20-year period,” Genzyme chairman and CEO Henri Termeer said. “It also shows how our management team is uniquely positioned to unlock the underappreciated value of Genzyme’s diverse businesses for shareholders.”