Labcorp In Talks To Merge Some Covance Assets With Syneos: Bloomberg

  • Laboratory Corp of America Holdings LH is in talks to combine some of its assets with Syneos Health Inc SYNHreports Bloomberg citing people with knowledge of the matter. 
  • The companies are discussing a deal in which part of LabCorp's Covance clinical research division would merge with Syneos.
  • The sources said that the companies are discussing structuring the deal as a so-called Reverse Morris Trust, which provides tax benefits by spinning off an asset before it's combined. 
  • Bloomberg also reported that Syneos's management would run the merged company, although its leadership would include executives from Covance, which has changed its name to Labcorp Drug Development.
  • Price Action: LH shares are up 3.23% at $296.15, SYNH shares are down 0.01% at $102.59 during the premarket session on the last check Friday.
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LHLabcorp Holdings Inc
$253.63-2.10%

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