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Labcorp has been criticized over faulty paternity tests, many of which have resulted in lawsuits. The most notable case was the 2005 false accusation of Washington hairdresser Andre Chreky, who spent $200,000 and years in court proving, despite a false-positive test, that he was not the father.
In February 2015, Labcorp acquired Covance for $6.1 billion in cash and stock. [37] [38] In 2016, the company entered into a strategic alliance with Global Specimen Solutions, in which the company offered GSS products GlobalCODE and snapTRACK to its clients. [39] In December 2017, Covance acquired the company. [40]
Labcorp will acquire all of the bankrupt firm's assets on a going concern basis for $239 million in cash consideration and other non-cash consideration, the companies said in separate statements.
On August 31, 2017, Labcorp acquired global life sciences business, Chiltern, as part of its drug development services with Covance. The Chiltern acquisition included a subsidiary of Endpoint Clinical Inc and their interactive response technology (IRT) systems. In 2018, Labcorp sold the Covance Food Solutions business to Eurofins for $670 million.
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Alere Inc. was a global manufacturer of rapid point-of-care diagnostic tests.The company was founded in 1991 and was headquartered in Waltham, Massachusetts. [2] [3] As of January 2017, the company had a market capitalization of $3.47 billion with an enterprise value of $5.9 billion. [1]
LabVantage Solutions, Inc. is a laboratory information management system (LIMS) provider based in Somerset, New Jersey. Founded in 1981, [1] LabVantage is the third largest LIMS provider in the world. [2] Laboratory MicroSystems was founded by Mark Chudzicki and Michael Boskin in 1981. [3]
Clinical laboratory services includes large multinational corporations such LabCorp, Quest Diagnostics, and Sonic Healthcare [23] but a significant portion of revenue, estimated at 60% in the United States, is generated by hospital labs. [24] In 2018, the total global revenue for these companies was estimated to reach $146 billion by 2024. [25]
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