LabCorp to acquire Tandem Labs, NWT

BURLINGTON, N.C. Laboratory Corporation of America Holdings and Tandem Labs have entered into an agreement under which LabCorp will acquire all the outstanding shares of Tandem Labs and its parent company NWT.

Tandem Labs will continue to operate under its existing name with its current employee and management structure, as a member of the Esoterix clinical trials group at LabCorp. The deal is expected to close in the first quarter of 2008. Terms of the agreement were not disclosed.

“Our management team and dedicated employees are very enthusiastic about this development,” said Denis Lin, president and chief executive officer of Tandem Labs. “LabCorp is a company long known for its ability to bring leading-edge services to the market. Our philosophy of assisting customers in a client-centric fashion with the development and launch of new medicines mirrors the values of LabCorp, making us very compatible. Not only does this proposed transaction support Tandem’s continued growth, but it creates an invaluable resource for our clients in the pharmaceutical and biotechnology arena.”