Laboratory Corporation of America Holdings (NYSE: LH) is buying LipoScience Inc. (Nasdaq: LPDX) for about $85.3 million.
LipoScience, headquartered in Raleigh, North Carolina, provides specialized cardiovascular diagnostic laboratory tests based on nuclear magnetic resonance technology. The company provides the LipoProfile test, which is approved by the U.S. Food & Drug Administration, measures the LDL-particle number that provides information to doctors about cardiovascular disease.
Burlington, North Carolina-based Laboratory Corp. commercializes diagnostic technologies with a focus on genomic testing. The company's clients include physicians, government agencies, managed care organization, hospitals, clinical labs and pharmaceutical companies.
Canaccord Genuity Inc. provided financial advice to LipoScience on the deal.
Health care technology deals have been driven by companies' desire to pare down costs as more patients enter the health care system because of the Affordable Care Act. Recent health care technology deals include the Riverside Co.'s investment in Medical Payment Exchange Inc., and Symphony Technology Group's acquisition of MDDatacor. For more on technologies behind health care M&A, see 5 Technologies Drive Health Care M&A.