Enzo Biochem, Inc. (NYSE:ENZ) announced today that it has entered into an agreement for Labcorp (NYSE: LH) to acquire the assets of Enzo’s Clinical Laboratory division (Enzo Clinical Labs). The transaction between two leading global life sciences companies follows several steps initiated by Enzo in 2022 to advance the company’s “focused return” initiative to maximize shareholder value.
“Completion of the sale will position Enzo to assess and execute on further actions to increase shareholder value and advance our global leadership within the life sciences sector,” said Hamid Erfanian, CEO of Enzo Biochem. “We are very grateful to all our colleagues who have made Enzo Clinical Labs a trusted source for patient care. With proven expertise in clinical laboratory services and products, Labcorp is perfectly positioned to bring these operations to new levels of momentum and success.”
“Enzo Clinical Labs is renowned for high-quality testing and expert customer focus, and we look forward to integrating these capabilities through a smooth and seamless transition of services while maintaining a presence on Long Island with testing and service teams,” said Bill Haas, senior vice president of Labcorp Diagnostic’s Northeast Division. “This investment bolsters our commitment to the New York Tristate healthcare communities and we are confident that Enzo Clinical Labs patients and providers will have a combined experience that exceeds their laboratory needs.”
In 2022, Enzo Biochem initiated a strategic initiative to restructure operations to target business areas and industry sectors representing major growth opportunities. The company’s remaining operating segment, Enzo Life Sciences, supplies a complete portfolio of products and services that are critical and extensively used in drug discovery, development and translational research applications. Enzo Life Sciences’ products including antibodies, genomic probes, assays, biochemicals, and proteins are sold globally to the life sciences market.
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Jefferies LLC served as exclusive financial advisor and McDermott Will & Emery LLP served as legal advisor to Enzo, and Evercore and Hogan Lovells served as advisors to Labcorp.
Completion of the sale of Enzo Clinical Labs is contingent upon approval by Enzo’s shareholders and other customary closing conditions for transactions of this type, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Other terms of the transaction will be disclosed in the Company’s Form 8-K to be filed with the Securities and Exchange Commission. Enzo plans to seek shareholder approval of the proposed sale at a special meeting of shareholders. More complete information regarding the transaction will be provided to Enzo’s shareholders in materials to be distributed for the special meeting.
Source: BioSpace
