LabCorp Shares Swoon on Rumors of Another CRO Acquisition
With shares dipping on rumors of LabCorp’s interest in privately held contract research organization, Pharmaceutical Product Development, we’re holding steady on our fair value estimate in the absence of more concrete evidence of this deal. We think PPD and its emphasis on late-stage clinical trials would be highly complementary to LabCorp’s legacy Covance business, which included a chunk of less-profitable, early-stage trial business. However, it is not yet clear whether the rumored price of $8...Laboratory Corporation of America Holdings is a life sciences company that is focused on guiding patient care. The company reports its business in the following segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD). LCD is an independent clinical laboratory business. LCD provides a menu of requested and specialty testing through a network of primary and specialty laboratories across the United States. CDD provides drug development, medical device and diagnostic development solutions from early-stage research to clinical development and commercial market access. CDD engages in early development and clinical trials in each therapeutic category.
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