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LabCorp, Envigo complete acquisition agreement

Laboratory Corporation of America Holdings unit Covance Inc. has acquired the global nonclinical contract research business of Envigo International Holdings Inc.

Envigo International has also acquired Covance's research products business.

The companies had previously announced signing the innovative acquisition agreement on April 17. They will continue to collaborate through a multiyear, renewable supply agreement.

Laboratory Corporation of America expects the $485 million transaction to have a net impact of an incremental $156 million in its revenue on a pro forma 2018 basis.

The acquisitions are expected to enhance the companies' respective businesses and their support for biopharmaceutical and life sciences research.