Laboratory Corp., which runs more than 1,500 clinical test labs, will buy a genetic testing company in a cash deal valued nearly $1 billion.
Burlington-based LabCorp will buy the Genzyme Genetics business unit from Genzyme Corp., based in Cambridge, Mass.
As part of the $925 million acquisition, LabCorp agreed to offer jobs to Genzyme Genetics' 1,900 employees, including senior managers, and not cut their salaries or bonuses for one year.
"It's not cheap, this was not a fire sale, there were a lot of people who are interested in this asset," LabCorp CEO David King told Wall Street analysts during a conference this morning. "But at the end of the day we feel that we paid a very fair price for a premier laboratory testing asset that will fit very weill into our business."