Enzo Biochem jumps over 10% after announcing asset sale to Labcorp

Shares of clinical lab, and life sciences company Enzo Biochem are rallying approximately 10% or 14c a share to $1.50 per share on Tuesday after announcing earlier on Tuesday that it has completed the previously announced transaction to sell substantially all of the assets located in the New York metropolitan region used in the operation of Enzo Clinical Labs to Labcorp for an aggregate purchase price of $113,250,000 in cash, subject to customary closing adjustments. In accordance with the sale, Enzo Biochem will cease its clinical laboratory operations. “The closing of this asset sale demonstrates our commitment to enhancing shareholder value,” said Hamid Erfanian, CEO of Enzo Biochem. “With the closing of this transaction, Enzo Biochem would like to express its profound gratitude to the generations of employees and physician partners who have dedicated themselves to providing the highest level of care and service to our patients. We are confident that Labcorp will continue to enrich and enhance the level of care and service that our physicians and patients have come to expect.”