Minneapolis, May 4, 2018 — The Corporate and International practices at Cozen O’Connor represented Eurofins Scientific SE in the acquisition of Covance Food Solutions from Laboratory Corporation of America Holdings (LabCorp). The transaction is valued at $670 million on a cash-free, debt-free basis. The transaction is expected to close in the third quarter of 2018, subject to the fulfillment of regulatory and customary closing conditions.
Eurofins Scientific is a scientific leader in food, environment, and pharmaceuticals products testing and in agroscience CRO services. It is also one of the independent market leaders in certain testing and laboratory services for genomics, discovery pharmacology, forensics, CDMO, advanced material sciences, and for supporting clinical studies. In addition, Eurofins is one of the emerging players in specialty clinical diagnostic testing in Europe and the United States. The company has more than 35,000 employees in more than 400 laboratories across 44 countries and is listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
Covance Food Solutions, which became part of LabCorp through its 2015 acquisition of Covance, offers an extensive set of routine and specialized laboratory testing and consulting services focused on ensuring product safety, quality, and adherence to targeted internal and external standards for existing and in-development food, beverage, and supplement products through an integrated network of 12 facilities across the globe (nine in the United States, two in the U.K., and one in Asia).
Steven J. Dickinson led the Cozen O’Connor team on the transaction. The team included Barbara Müller, Edgar G. Rapoport, Jonathan M. Grossman, Heather L. Marx, Matthew Clyde, James W. Forsyth, Patrick J. Gallagher, and Alison Lecker. LabCorp was represented by Hogan Lovells US LLP and Kelley Drye & Warren LLP.
Cozen O’Connor’s Corporate Practice Group provides sophisticated counsel to a diverse set of businesses and entrepreneurs. The firm’s corporate attorneys assist clients from a wide range of industries in issues related to regulatory compliance, corporate governance, mergers and acquisitions, tax, securities, finance, bankruptcy, and health law. The firm’s M&A attorneys represent Fortune 500 and other multinational companies in their largest acquisitions and act as lead corporate counsel for small and middle-market businesses. Its International practice represents non-U.S. companies in all aspects of their U.S. acquisitions, joint ventures, and business operations.
About Cozen O’Connor
Established in 1970, Cozen O’Connor has more than 750 attorneys who help clients manage risk and make better business decisions. The firm counsels clients on their most sophisticated legal matters in all areas of the law, including litigation, corporate, and regulatory law. Representing a broad array of leading global corporations and middle market companies, Cozen O’Connor services its clients’ needs through 29 offices across two continents.