US-based global life sciences company LabCorp is set to acquire Chiltern, a specialist contract research organisation (CRO), in an all-cash transaction valued at approximately $1.2bn.

The acquisition will be made following a definitive agreement signed with the shareholders of Chiltern.

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LabCorp chairman and chief executive officer David King said: “This acquisition strengthens our position as a leading life sciences company that delivers innovative diagnostics and drug development solutions to improve health and improve lives.

“Our acquisition of Covance has demonstrated the value of combining diagnostic and CRO capabilities, expertise, data and leadership. The addition of Chiltern furthers our strategy and will provide us with enhanced capabilities across a broader client base as we continue to innovate and grow.”

Once the transaction is complete, the CRO will become part of LabCorp’s US-based Covance segment.

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"Joining LabCorp and Covance will allow Chiltern to expand its collaborative approach to bring better, more personalised therapies to market for patients every day."

Chiltern chief executive officer Dr Jim Esinhart said: “Joining LabCorp and Covance will allow Chiltern to expand its collaborative approach to bring better, more personalised therapies to market for patients every day.

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“Customers will benefit from the expanded capabilities this provides and our employees will have a greater opportunity to propel research into the future with strong, supportive partners.”

Covance CEO John Ratliff said that its CRO business' annual revenue has increased to approximately $3bn since LabCorp acquired the company.

The acquisition of Chiltern will increase Covance’s offerings as a partner serving the major 20 biopharma segment, as well as expand its high-growth emerging and mid-market biopharma segments.

Subject to regulatory approvals and customary closing conditions, the transaction is expected to conclude in the fourth quarter of this year.