LabCorp to purchase Covance in $6.1B deal

LabCorp will pay about $6.1 billion in cash and stock to buy Covance in a tie-up that aims to improve clinical trial research for pharmaceuticals.

Based in Burlington, N.C., LabCorp officials said the new company would improve patient recruitment for trials, make the research more efficient and deliver drug data faster, according to USA TOday.

LabCorp Chairman and CEO David King will lead the combined company.

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