RTTNews | Nov 18, 2021 07:50AM EST

07:50 Thursday, November 18, 2021 (RTTNews.com) - Labcorp (LH), a life sciences company, on Thursday said it would acquire Toxikon, a contract research organization delivering nonclinical testing services, for an undisclosed sum. The deal is expected to close during the fourth quarter of 2021.

"Adding Toxikon underscores our commitment to nonclinical development and advances our capabilities for both drug development and medical device testing," commented Dr. Paul Kirchgraber, CEO of Labcorp Drug Development.

"This acquisition extends Labcorp's portfolio of full-service drug development and medical device solutions from discovery to market approval," he added.

With annual revenues of around $40 million, Toxikon's strategic location allows Labcorp to further engage with large pharmaceutical companies and biotech firms in the region on nonclinical work, as well as facilitating entry into medical device investigational device exemption (IDE) submissions. As such, Toxikon will also complement Labcorp's existing nonclinical medical device efficacy and safety testing and the associated clinical work performed by Labcorp's medical device and diagnostics unit.

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