Laboratory Corp. of America Holdings agreed to buy Covance Inc. for about $6.1 billion, creating a business that performs an unusual combination of routine medical tests and research for drug companies.

Covance shareholders will receive cash and stock valued at $105.12 a share, the companies said in a statement today. That’s 32 percent above Covance’s closing price Oct. 31. LabCorp shares fell the most since December 2013.

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