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$LH announced the U.S. availability of the PD-L1 IHC 28-8 pharmDx assay as a complementary diagnostic for two newly approved indications. This is in connection with the use of $BMY's Opdivo (nivolumab) to treat patients with metastatic urothelial carcinoma, also referred to as bladder cancer, and squamous cell carcinoma of the head and neck.
$LH announced that for the period of Sept 11, 2017 to March 9, 2018, its Zero Coupon Convertible Subordinated Notes due 2021 will accrue contingent cash interest at a rate of 0.125% of the average market price of a Zero Coupon Note for the five trading days ended Sept 8, 2017. The payment of contingent cash interest is expected on March 9, 2018.
$LH priced its offering of $1.2Bil of senior notes. The offering consists of two tranches: $600MM of 3.25% senior notes due 2024 and $600MM of 3.6% senior notes due 2027. The closing is expected to occur on Aug. 22, 2017. $LH plans to use proceeds for general corporate purposes, including repayment at maturity of 2.20% senior notes due Aug. 23.
Life sciences firm $LH said it will offer senior unsecured notes that would rank equally with the company’s existing and future senior unsecured debt. The notes are expected to be issued in two tranches. The company intends to use the net proceeds of the offering for general corporate purposes, including repayment of debt.
$LH, a life science company, and Walgreens, a wing of $WBA, are in a tie-up whereby the former will develop and operate patient service centers in select Walgreens stores. These are in addition to $LH's approx. 1,750 centers giving patients access to $LH's over 4,800 tests. 7 centers, co-branded as LabCorp at Walgreens, will be opened in 2017.
$LH agreed to buy specialty CRO Chiltern. The acquisition is an all-cash transaction, which $LH expects to fund with a combination of bank financing and bonds. Following this transaction, $LH expects to maintain its investment-grade credit ratings. JP Morgan Securities and Wells Fargo Securities are serving as financial advisers to $LH.
$LH agreed to buy specialty CRO Chiltern in an all-cash transaction valued at about $1.2Bil. Once complete, Chiltern will become part of $LH's Covance segment. $LH expects the transaction to be accretive to adjusted EPS and free cash flow in year one, and to earn its cost of capital by year three. The deal is expected to close in 4Q17.
Insurance company $LH said its CEO William Hanlon has been appointed as a member of the governing committee of the National Evaluation System for Health Technology Coordinating Center. Hanlon has been focused on early and late-stage clinical development, as a regulatory affairs expert, for the past several years.
$LH is offering an option to convert its Zero Coupon Convertible Subordinated Notes due 2021, into cash and common stock, by surrendering the same on or before the close of business on September 29, 2017. The notes surrendered for conversion must be delivered through the transmittal procedures of the Depository Trust Company.
$WBA and $LH announced a collaboration through which $LH will develop and operate patient service centers within select $WBA stores. The centers, which will be co-branded "LabCorp at Walgreens," will offer LabCorp patient services in a secure, comfortable environment for specimen collection, located near the pharmacy area inside the store.
$LH completed the acquisition of Pathology Associates Medical Laboratories (PAML) from former owners Providence Health & Services and Catholic Health Initiatives. In addition, PAML, as a LabCorp subsidiary, acquired assets of Alpha Medical Laboratories (Alpha), a former PAML-affiliated JV, from its hospital owner.
$LH announced a significant enhancement to its proprietary VistaSeq Hereditary Cancer portfolio, with 10 new test panels focusing on the risk of specific hereditary cancer syndromes. The number of cancer genes that can be assessed has also lifted to 59 to reflect advances in understanding of cancer genetics.
$LH has completed the acquisition of Mount Sinai Health System Clinical Outreach Laboratories. Mount Sinai will continue to provide laboratory testing for patients registered at its hospitals and ambulatory facilities, as well as laboratory testing services for physicians in their professional practices.
$LH lowered its 2017 adjusted EPS guidance to $9.20-9.60 from $9.35-9.75, due to the decline in expected revenue growth. The revised adjusted EPS forecast represents an increase of about 4-9% as compared to $8.83 in 2016. The company still predicts free cash flow of $925-975MM, an increase of about 3-9% over the prior year.