LabCorp to pay $6.1 billion for drug trial company Covance

(Reuters) - Laboratory Corp of America Holdings said it would pay $6.1 billion for Covance Inc , which carries out trials for drugmakers, as its diagnostic services business faces pressure from reimbursement cuts. Covance's shares jumped 25 percent to $100.28, nearing LabCorp's offer price of $105 per share. LabCorp shares fell 8 percent to $100.38 as one analyst questioned how quickly cost savings could be achieved. Oppenheimer's Bret Jones said cost savings that support the rationale for the deal seem to be longer term and lack a clear path. ...



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