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By subscribing to Laboratory Industry Report, each month you'll get an insider's view of the lab industry's most important business and financial trends, plus predictions for the coming year.
In each issue, you find:
- Comparative data on lab pricing
- Information and explanations describing how to deal with healthcare integration, capitation, technology advances, etc.
- Clear perspectives of how your firm is performing vs. the market at large How publicly-traded lab companies are performing and what their top executives earn
- Updates on late-breaking mergers & acquisitions.
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 | LIR January 2007 (full PDF issue) |
| TOP OF THE NEWS
Competitive bidding on the horizon
Sonic to buy AEL
MERGERS AND ACQUISITIONS
LabCorp acquires Kansas lab
BD closes on $350m TriPath buy
Luminex to buy Tm Bioscience
PEOPLE
Interview with new LabCorp CEO Dave King
INSIDE THE LAB INDUSTRY
Competitive bidding: what’s next?
ANATOMIC PATHOLOGY
Spotlight on Pap testing
CONTRACT NEWS
Aetna to cover Oncotype DX
FINANCIAL
Lab stocks rise 4%
INDUSTRY BUZZ
Integrating MDx conference
Full Article |
| Sonic to Acquire American Esoteric Laboratories for $180M |
| Sonic Healthcare (Sonic; Sydney, Australia) finished 2006 with a bang. The Australian lab giant, which made its second United States acquisition last October with the purchase of Cognoscenti Health Institute (Orlando, FL), has signed an agreement to acquire all of American Esoteric Laboratories (AEL) from two private equity firms, ABS Capital Partners and Oak Investment Partners, and the company’s management. Sonic will pay about $180 million in a cash transaction that is expected to close by the middle of this month.
Full Article |
| Competitive Bidding Demo in Holding Pattern Awaiting OMB’s OK |
| After years of discussion about competitive bidding for laboratory services, CMS is expected to make 2007 the year in which it will fulfill the directive of the Medicare Modernization Act of 2003 and implement a demonstration project for lab competitive bidding. The demo project is currently in a holding pattern awaiting United States Office of Management and Budget (OMB) approval on its structure and budget, but industry leaders expect it to begin by June of this year.
Full Article |
| LabCorp Buys Kansas Lab |
| LabCorp (Burlington, NC) has quietly snapped up another independent laboratory: Peterson Laboratory Services (PLS) of Manhattan, Kansas. PLS was formerly owned and managed by medical directors Peggy Peterson, D.O., and John Bambara, M.D.; and Susan Speaks, M.D., Ph.D. and Tarek Salem, M.D. Word of the acquisition comes only a few months after PLS’s designation of LabCorp as its primary reference lab. Financial terms of the deal were not disclosed.
Full Article |
| What Does ’07 Hold for LabCorp? LIR’s Interview With New CEO Dave King |
| On January 1, David P. King takes the helm of the country’s second largest private lab, LabCorp (Burlington, NC), succeeding Thomas P. Mac Mahon as chief executive officer. King also joins the board of directors. Mac Mahon will continue to serve as chairman of the board until the 2008 annual shareholders’ meeting.
Full Article |
| Lab Industry Awaits First Domino of Competitive Bidding Project to Tip |
| The Medicare Clinical Laboratory Competitive Bidding Demonstration project is currently in a quiet period—perhaps the calm before the storm—as everyone waits for the United States Office of Management and Budget (OMB) to approve the structure and budget of the demonstration project. CMS representatives decline to even guess as to when that approval will occur, although Alan Mertz, president of the American Clinical Laboratory Association (ACLA; Washington, DC), has heard rumors that the project is expected to start in the middle of this year.
Full Article |
| Spotlight on Pap Testing: Monolayer Testing to Take 100% of Market in ’07? |
| Washington G-2 Reports estimates that laboratory service revenue from Pap testing topped $1.5 billion last year and will continue to grow. Meanwhile, more than 80% of the Pap test market is dominated by two companies: Cytyc (Marlborough, MA) and TriPath Imaging (Burlington, NC), which is now owned by Becton, Dickinson (see pg. 9). Both companies market a mono-layer Pap test (versus traditional smears). The Cytyc product, ThinPrep, was approved by the FDA in May 1996. The TriPath Imaging system, SurePath, was approved by the FDA in June 1999.
Full Article |
| BD Closes on $350m TriPath Acquisition |
| Global medical technology company Becton, Dickinson, and Company (BD; Franklin Lakes, NJ) has closed on its $350 million purchase of the approximately 93.5% of outstanding shares in TriPath Imaging (Burlington, NC), a leading player in the increasingly crowded market for cervical cancer screening. BD has held a 6.5% equity interest in TriPath since 2001, when the two companies began their ongoing collaboration to discover cancer biomarkers. BD’s bid of $9.25 in cash per share of TriPath represented at 81% premium to the company’s closing share price on the day the bid was filed.
Full Article |
| Aetna Contracts With Genomic Health for Oncotype DX |
| Genomic Health (Redwood City, CA) has signed a national contract with Aetna (Hartford, CT) for Oncotype DX, the company’s test that quantifies the likelihood of breast cancer recurrence and predicts the likelihood of chemotherapy benefit for many early-stage breast cancer patients. The agreement with Aetna, which has more than 15 million health plan members, establishes payment rates across all of Aetna’s plans for members with early-stage breast cancer. Coverage for the test began late last year.
Full Article |
| Luminex to Buy Tm Bioscience for $37.9M |
| As predicted in last month’s issue of LIR, molecular diagnostics company Tm Bioscience (Toronto, Canada) has been acquired. The buyer is not a large national laboratory but IVD company Luminex (Austin, TX), best known for its xMAP testing platform. Under the terms of the agreement, valued at $37.9 million, each Tm Bioscience share will be exchanged for 0.06 shares of Luminex common stock. This represents a 41.5% premium for Tm shares based on the stock’s closing price on the day of the acquisition. The transaction is expected to close in the first quarter of this year.
Full Article |
| Lab Stocks Rise 4%; Clarient and Genomic Health Soar 27% |
| The G-2 Laboratory Stock Index rose 4% in the four weeks ended December 15, with seven stocks up in price and four down. Year to date, the G-2 Index is up 27%, while the Nasdaq is up 11% and the S&P 500 is up 14%.
Full Article |
| Integrating MDx Conference |
| Make 2007 the year that your lab puts molecular diagnostics to work! Learn key strategies for success at Washington G-2 Reports’s 2nd Annual Molecular Diagnostic Conference: Integrating MDx Into Your Lab, Feb. 7 to 9, 2007, at the Renaissance Tampa Hotel International Plaza in Tampa, Florida. This year’s conference will focus on how to leverage molecular diagnostic manpower, intellectual property, and novel technology.
Full Article |
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