LabCorp, one of the country's largest medical-testing companies, announced this morning that it is buying a publicly traded California company that specializes in tests for infectious diseases and cancer.
Burlington-based LabCorp will pay about $155 million for Monogram Biosciences. The acquisition will expand LabCorp's presence in the expanding market for so-called personalized medicine, where treatments and medical tests are geared for specific patients.
For example, Monogram's tests help identify patients who are likely to respond to a certain type of HIV drugs.
"By utilizing LabCorp's national infrastructure to build on Monogram's already strong sales, we will advance our leadership in infectious disease and cancer testing, companion diagnostics and personalized medicine," said David P. King, CEO of LabCorp.
The company employs about 1,000 in the Triangle and 25,000 worldwide. It has expanded to become the largest employer in Burlington, about an hour west of Raleigh.
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