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LH

LabCorp

$160.07

-0.03 (-0.02%)

06:03
07/31/17
07/31
06:03
07/31/17
06:03

LabCorp to acquire Chiltern for about $1.2B in cash

LabCorpand Chiltern announced that LabCorp will acquire Chiltern pursuant to a definitive agreement with Chiltern's shareholders in an all-cash transaction valued at approximately $1.2B. Once the transaction is complete, Chiltern will become part of LabCorp's Covance segment. Chiltern has a 35-year track record of growth as a provider of clinical services and solutions in multiple key therapeutic areas, with engagement models for biopharmaceutical and medical device companies. It has more than 4,500 employees around the world, including Asia-Pacific, and has conducted more than 1,800 studies across 87 countries in the last five years. Chiltern is a leading CRO among emerging-to-mid biopharma customers, with forecasted 2017 revenue and adjusted EBITDA of approximately $550M and $95M, respectively, and backlog of approximately $1B. The transaction meets LabCorp's financial criteria. Excluding one-time costs relating to the transaction and with the benefit of cost synergies, the company expects it to be accretive to adjusted earnings per share and free cash flow in year one, and to earn its cost of capital by year three. The acquisition is an all-cash transaction, which LabCorp expects to fund with a combination of bank financing and bonds. Following this transaction, LabCorp expects to maintain its investment-grade credit ratings. The transaction is subject to regulatory approvals and customary closing conditions, and is expected to close in the fourth quarter, 2017.

LH LabCorp
$160.07

-0.03 (-0.02%)

07/13/17
FBCO
07/13/17
NO CHANGE
Target $169
FBCO
Outperform
LabCorp price target raised to $169 from $146 at Credit Suisse
Credit Suisse analyst Erin Wilson Wright raised her price target for LabCorp to $169 from $146 on valuation. The analyst reiterates an Outperform rating on the shares.
07/25/17
PIPR
07/25/17
NO CHANGE
Target $107
PIPR
Neutral
Quest Diagnostics price target raised to $107 from $93 at Piper Jaffray
Piper Jaffray analyst William Quirk raised his price target for Quest Diagnostics to $107 following the company's Q2 results. While Quest's fundamentals "are as strong as they have been in years," there is risk of longer-term multiple convergence with peer LabCorp (LH), Quirk tells investors in a research note. He keeps a Neutral rating on the shares.
07/27/17
RHCO
07/27/17
NO CHANGE
RHCO
LabCorp reported 'strong' Q2 results, says SunTrust
SunTrust analyst David McDonald believes that LabCorp reported "strong" Q2 results that included "impressive lab volumes, strong pricing and solid free cash flow." The analyst raised his price target on the shares to $190 from $185 and keeps a Buy rating on the stock.
07/27/17
CHLM
07/27/17
NO CHANGE
Target $179
CHLM
Buy
LabCorp price target raised to $179 from $157 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich raised his price target for LabCorp to $179 from $157 following quarterly results to reflect the strength in the Diagnostics business. The analyst reiterates a Buy rating on the shares.

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