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LabCorp clears antitrust wait period to acquire Monogram Biosciences
By Susanna Moon
Chicago, July 17 - Laboratory Corp. of America Holdings said the waiting period expired for its acquisition of Monogram Biosciences, Inc. under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
On July 1, LabCorp began its $4.55-per-share cash tender offer for Monogram under the companies' previously announced June 22 merger agreement.
Monogram's board of directors approved the offer and recommended that the company's stockholders tender their shares.
The offer will end at midnight ET on July 29, unless extended.
As previously reported, the companies said the transaction has a total equity value of approximately $106.7 million, or a total enterprise value of approximately $155 million at March 31 including net debt.
Burlington, N.C.-based LabCorp develops diagnostic technologies through genomic testing.
Monogram is a South San Francisco, Calif.-based company that develops and markets products to guide and improve the treatment of serious infectious diseases and cancer.
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