Enzo Biochem to sell clinical lab to Labcorp for $146M

Enzo Biochem, headquartered in Farmingdale, has agreed to sell the assets of its clinical laboratory division to Labcorp, headquartered in Burlington, North Carolina. Enzo is selling the division for $146 million, according  to a filing with the US Securities and Exchange Commission.

The sale follows an initiative by Enzo to advance what the calls its “focused return” 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,” Hamid Erfanian, CEO of Enzo Biochem said in a statement.

“We are very grateful to all our colleagues who have made Enzo Clinical Labs a trusted source for patient care,” Erfanian added. “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,” Bill Haas, senior vice president of Labcorp Diagnostic’s Northeast Division, said in a statement.

“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,” Hass added.

Enzo Biochem launched a strategy in 2022 to restructure operations to target business areas and industry sectors with major growth opportunities.

The company’s remaining operating segment, Enzo Life Sciences, supplies a complete portfolio of products and services used in drug discovery, development and translational research applications.

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.

Image and article originally from libn.com. Read the original article here.