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- Comparative data on lab pricing
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 | LIR December 2006 (full PDF issue) |
| TOP OF THE NEWS
Lab M&A booming in ‘06
Tm Bioscience up for sale
MERGERS AND ACQUISITIONS
Carilion to close on Presbyterian
NEW ON THE SCENE
Panacea spins off reference lab
Tenn. to build new crime lab
Cancer lab to open in Bahamas
INSIDE THE LAB INDUSTRY
Focus on lab M&A
PERSONNEL
NZ lab workers plan strike
CONSUMER HEALTH
Public skeptical of retail clinics
FINANCIAL
Lab stocks rise 7%
INDUSTRY BUZZ
Growth in hospital testing
Full Article |
| Tm Bioscience on the Block |
| Genetic testing firm Tm Bioscience (Toronto, Canada), best known for its Tag-It assays and analyte specific reagents (ASRs), is exploring a possible sale or merger, and it might make a perfect holiday gift for a large commercial laboratory looking to strengthen its pipeline and presence in high-margin esoteric and genomic testing.
Full Article |
| A Booming ’06 for Lab M&A, but With Smaller Buys |
| Worldwide merger and acquisition (M&A) activity is at an all-time high. The mid-November private equity buyout of Clear Channel Communications pushed this year’s global announced M&A volume to $3.4 trillion, just over the $3.3 trillion record set in 2000, according to Dealogic. Consolidation in the clinical laboratory industry has continued its generally strong and aggressive pace in 2005 and 2006, as 36 mergers or acquisitions have been completed or are on track to close in the 24-month period between January 2005 and December 2006.
Full Article |
| Carilion Labs Nears Close on Presbyterian, More Acquisitions Coming |
| This month, Carilion Labs (Roanoke, VA), part of the Carilion Clinic (formerly Carilion Health System), will close on their acquisition of Presbyterian Reference Laboratory (Charlotte, VA). Carilion Labs expects to nearly double the size of their laboratory operations when they complete the purchase of the Presbyterian lab. Carilion Labs currently performs tests on approximately 3.3 million samples. The acquisition of Presbyterian is expected to increase their sample volume by two million. Carilion employs 420 full-time equivalents and expects to bring on another 180 with the acquisition.
Full Article |
| Panacea Pharmaceuticals Spins Off Reference Lab |
| Panacea Pharmaceuticals (Gaithersburg, MD) has spun off a reference lab. Known as Panacea Laboratories (Gaithersburg, MD), it will provide blood, serum, and tissue tests to diagnose and monitor cancer in its 11,000-square-foot, CLIA-compliant facility.
Full Article |
| Lab Industry M&A Brings Focused Consolidation in ‘06 |
| In 2005, merger and acquisition (M&A) activity in the laboratory industry was characterized by larger acquisitions for greater sums and culminated in Quest Diagnostics’s acquisition of LabOne for $934 million. LabCorp also had two major acquisitions in 2005—US Labs for $155 million in February 2005 and Esoterix in May 2005. Sonic Healthcare also spent $380 million to acquire Clinical Pathology Labs in November 2005. As a result, 2005 total counted acquisitions were worth $1.741 billion, second only to 2003’s $2.362 billion.
Full Article |
| New Zealand Lab Workers to Strike for Higher Wages |
| After rounds of failed salary negotiations, over 1,200 medical laboratory workers in New Zealand plan to spend the week of November 29 on strike. They are demanding pay increases that are in step with the country’s rate of inflation and that recognize the increasing demands placed on them. Among the labs involved are the New Zealand Blood Service, district health boards nationwide, Tairawhiti in Gisborne, Wellington Pathology, and Southern Community Laboratories.
Full Article |
| After $500k in Overflow Testing, Tennessee Building New Crime Lab |
| Too many specimens, too little time. Crime labs nationwide are groaning under the weight of massive backlogs, lean budgets, and staffing shortages. In the past year, the Tennessee Bureau of Investigation (TBI) has spent $500,000 outsourcing DNA and toxicology testing that its facilities, which perform 250,000 tests a year, could not handle. And there’s still a backlog, one that has kept law enforcement and victims’ families waiting for up to a year to get results. To address the problem, the TBI has just hired 17 laboratory technologists and is building a new lab in Knoxville.
Full Article |
| Consumers Open to, but Skeptical of Retail Health Clinics |
| While only 7% of adults in the United States have ever used an onsite health clinic in a pharmacy or retail chain, the majority of all adults agree that these retail clinics may be more convenient, accessible, and perhaps more economical, according to a new poll by the Wall Street Journal and Harris Interactive.
Full Article |
| New Cancer Lab to Open in the Bahamas |
| Insight Medical Group (Oxford, MS) plans to establish a cancer diagnostics laboratory in the city of Freeport on Grand Bahama Island. The location will enable the company to escape the high taxes and heavy regulatory environment of the United States, according to Anthony Welch, chairman of Modern Technology Corp. (MTC; Oxford, MS), the development and acquisition company that owns Insight. MTC is now looking to hire a "highly respected medical professional prominent in the pathology and diagnostics community" for a senior marketing position within the company.
Full Article |
| Lab Stocks Rise 7%; Medtox Up 21% |
| The G-2 Laboratory Stock Index rose 7% in the five weeks ended November 17, with 10 stocks up in price and one down. Year to date, the G-2 Index is up 22%, while the S&P 500 is up 12% and the Nasdaq is up 11%.
Full Article |
| Growth in Hospital Testing |
| Hospital test volume continues to grow steadily . . . In 2005, hospital test volume (inpatient, outpatient, and outreach combined) grew by a median of 5% and an average of 6.5%, according to the Washington G-2 Reports Third Annual Outreach Survey conducted in May 2006. Smaller hospital laboratories with annual volumes of less than 250,000 showed the highest annual median and average growth rate of 6.4% and 7.5%, respectively.
Full Article |
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