Enzo Biochem to sell Clinical Laboratory division to Labcorp, terms undisclosed

Enzo Biochem (ENZ) announced that it has entered into an agreement for Labcorp (LH) to acquire the assets of Enzo’s Clinical Laboratory division. The transaction between two global life sciences companies follows several steps initiated by Enzo in 2022 to advance the company’s "focused return" initiative. In 2022, Enzo Biochem initiated a strategic initiative to restructure operations to target business areas and industry sectors. The company’s remaining operating segment, Enzo Life Sciences, supplies a portfolio of products and services that are used in drug discovery, development and translational research applications. Enzo Life Sciences’ products including antibodies, genomic probes, assays, biochemicals, and proteins are sold globally to the life sciences market. Completion of the sale of Enzo Clinical Labs is contingent upon approval by Enzo’s shareholders and other customary closing conditions for transactions of this type, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Other terms of the transaction will be disclosed in the company’s Form 8-K to be filed with the Securities and Exchange Commission. Enzo plans to seek shareholder approval of the proposed sale at a special meeting of shareholders. More complete information regarding the transaction will be provided to Enzo’s shareholders in materials to be distributed for the special meeting.