Shady business--Labcorp, Inc

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Laboratory Corporation of America Holdings

On April 28, 1995 National Health Laboratories Holdings Inc. merged with Roche Biomedical Laboratories, Inc. and changed its name to Laboratory Corporation of America Holdings. It began trading under its new ticker symbol LH.^[13] Shareholders of National Health Laboratories received 0.72 shares of the new company, plus $5.60 in cash, for a 50.1 percent interest in the new company. At the time, James R. Maher was President and Chief Executive Officer of National Health Laboratories. Following the merger, Maher relinquished those positions, and instead became Chairman of the new company, succeeding the financier Ronald O. Perelman in that position. Perelman received about US$100 million from the deal, which made the new company the largest blood-testing company in the United States.^[10] [11]

The merged company created revenues of US$1.7 billion.^[11] National Health Laboratories already held long-term debt of US$351 million.^[5] Together with the Roche debt, the combined companies owed US$590 million prior to the merger. Another US$288 million was added to help finance the payout to shareholders.^[10] By year-end 1995, the new company's total debt reached US$959 million.^[5]

Roche Biomedical Laboratories had been created by and was a wholly-owned subsidiary of Hoffmann-La Roche, Inc., the American arm of the Swiss medical conglomerate, Roche Holding, Limited. Before 1982, the core of Roche Biomedical Laboratories had been Biomedical Reference Laboratories, which dated from the late 1960s, and was located in Burlington, North Carolina. That core company had become publicly-traded in 1979. Hoffman-La Roche acquired it for US$163.5 million in 1982 and then merged it with all of its laboratories, and incorporated the merged company that year as Roche Biomedical Laboratories, Inc. in Burlington. By the early 1990s, Roche Biomedical had become one of the largest clinical laboratory networks in the United States, with US$600 million in sales.^[14]

By 1993 Roche Biomedical Laboratories had revenues of US$712 million, with 17 major laboratories. Dr. James Powell was President of Roche Biomedical, and after the merger with National Health Laboratories he became President and CEO of the new company, Laboratory Corporation of America Holdings, which then relocated from La Jolla, California to the Roche Biomedical headquarters in Burlington, North Carolina. Hoffmann-La Roche also contributed US$186.7 million in cash to the deal, and retained 49.9 interest in the new merged company.^[11]

By year-end 1995, the new Laboratory Corporation of America Holdings suffered a marginal loss of a few million dollars. The stock price dropped by almost half again through the year, to within 10% of its all-time low since going public a half dozen years earlier. By early the next year, it broke marginally below that level, and set a new all-time low.^[5]

In 2000, LabCorp generated revenues of US$1.9 billion with over 18,000 employees.^[2]

In December 2001, LabCorp became the exclusive marketer for genomics and proteomics predictive cancer test products made by Myriad Genetics, Inc. (NASDAQ: MYGN)^[2]

In 2005, LabCorp's revenues totaled $3.3B; in 2006, revenues were $3.6B; and in 2007, revenues reached $4.1B. ^[15]

In November 2006, LabCorp acquired Litholink Corporation, a kidney stone analysis laboratory.^[1]

In December 2007, LabCorp acquired Tandem Labs, a Contract Research Organization (CRO), headquartered in Salt Lake City, UT.^[1]

In June 2009, LabCorp acquired Monogram Biosciences, a diagnostic lab specializing in HIV resistance testing, headquartered in South San Francisco, CA.^[16]

In December 2010, LabCorp formally acquired the Genzyme Genetics, formerly a division of Genzyme.^[17]