The deal, which is expected to close this quarter, would add Clearstone’s capabilities laboratory analysis for late-stage clinical research and geographic reach to LabCorp’s strengths in North America.
LabCorp CEO David King said: "This transaction is an important milestone as it extends our global footprint and service capabilities in key geographies such as Asia Pacific, and advances the Company's companion diagnostics and personalized medicine strategy.”
This was echoed by Clearstone CEO Lewis Cameron, who explained that the acquisition builds on an existing collaboration between the two contract services firms.
“Clearstone has already been working closely with LabCorp’s Esoterix division under a strategic collaboration agreement, which has resulted in a number of client success stories. We will now be a single team that is completely focused on exceeding our customer’s drug development objectives.”
News of the deal comes at a busy time of mergers and acquisitions in the contract research sector. In the last few weeks alone inVentiv health has unveiled plans to buy PharmaNet and INC said it is going to buy Kendle.
Orchid deal smells less sweet?
LabCorp’s plans for Clearstone follow just days after the US testing organisation extended its offer for UK DNA analysis firm Orchid Cellmark.
In a press release on May 18 LabCorp said it received a request from the Federal Trade Commission for additional information under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to the acquisition of Orchid.
LabCorp also said it will cooperate with the FTC's request for additional information.