22 November 2021 | Monday | News
Transaction Expands Capacity and Strengthens Full-Service Testing Portfolio
-Labcorp a leading global life sciences company, today announced that it has entered into a definitive agreement to acquire Toxikon, a contract research organization delivering best-in-class nonclinical testing services. Once completed, the transaction will create a strategic footprint for Labcorp to partner with pharmaceutical and biotechnology clients in the Boston, Mass., area and bolster its strong nonclinical development portfolio.
“Adding Toxikon underscores our commitment to nonclinical development and advances our capabilities for both drug development and medical device testing,” said Dr. Paul Kirchgraber, CEO of Labcorp Drug Development. “This acquisition extends Labcorp’s portfolio of full-service drug development and medical device solutions from discovery to market approval.”
Toxikon’s strategic location allows Labcorp to further engage with large pharmaceutical companies and biotech firms in the region on nonclinical work, as well as facilitating entry into medical device investigational device exemption (IDE) submissions. As such, Toxikon will also complement Labcorp’s existing nonclinical medical device efficacy and safety testing and the associated clinical work performed by Labcorp’s medical device and diagnostics unit.
Headquartered in Bedford, Mass., and with annual revenues of around $40 million, Toxikon maintains specialized, state-of-the-art facilities and a robust roster of pharmaceutical, biotech and medical device clients. Its highly trained staff provides an extensive portfolio of in vivo and in vitro testing and related consulting services to support life sciences companies. The facility in Bedford also has capacity for growth and provides Labcorp Drug Development with an opportunity to expand its traditional toxicology business.
“As a part of the Labcorp family, we will have an opportunity to broaden our impact through access to extensive resources, knowledge and support,” said Dr. Laxman S. Desai, Toxikon’s founder, president and CEO. “Together, we can provide better outcomes for our clients and, ultimately, the health care providers and patients who depend on our continued success and innovation.”
The transaction is expected to close during the fourth quarter of 2021, subject to customary closing conditions and regulatory approvals, including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Specific terms of the transaction were not disclosed.