LabCorp Announces New Holder of the Noncontrolling Interest in the Company's Ontario, Canada Joint Venture

BURLINGTON, N.C., Feb 17, 2010 (BUSINESS WIRE) -- Laboratory Corporation of America(R) Holdings (LabCorp(R)) (NYSE:LH) announced today that on February 8, 2010 it completed a transaction to acquire the partnership units from the holder of the noncontrolling interest in the Company's Ontario, Canada joint venture in accordance with the terms of the joint venture's partnership agreement. The purchase price of the noncontrolling interest's units was CN $147.8 million. On February 17, 2010, the Company completed a transaction to sell the units acquired from the previous noncontrolling interest holder to a new Canadian partner for the same price. Upon the completion of these two transactions, the Company's financial ownership percentage in the joint venture partnership remained unchanged at 85.6%. Concurrent with the sale to the new partner, the partnership agreement for the Ontario Canada joint venture was amended and restated with substantially the same terms as the previous agreement.

About LabCorp^(R)

Laboratory Corporation of America^(R) Holdings, an S&P 500 company, is a pioneer in commercializing new diagnostic technologies and the first in its industry to embrace genomic testing. With annual revenues of $4.7 billion in 2009, over 28,000 employees worldwide, and more than 220,000 clients, LabCorp offers clinical assays ranging from routine blood analyses to HIV and genomic testing. LabCorp combines its expertise in innovative clinical testing technology with its Centers of Excellence: The Center for Molecular Biology and Pathology, National Genetics Institute, ViroMed Laboratories, Inc., The Center for Esoteric Testing, Litholink Corporation, DIANON Systems, Inc., US LABS, Monogram Biosciences, Inc. and Esoterix and its Colorado Coagulation, Endocrine Sciences, and Cytometry Associates laboratories. LabCorp conducts clinical trial testing through its Esoterix Clinical Trials Services division. LabCorp clients include physicians, government agencies, managed care organizations, hospitals, clinical labs, and pharmaceutical companies. To learn more about our organization, visit our Web site at: http://www.labcorp.com.

This press release contains forward-looking statements. Each of the forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace and adverse actions of governmental and other third-party payors.Actual results could differ materially from those suggested by these forward-looking statements. Further information on potential factors that could affect LabCorp's financial results is included in the Company's Form 10-K for the year ended December 31, 2008, and subsequent SEC filings, and will be available in the Company's Form 10-K for year ended December 31, 2009, when filed.

SOURCE: Laboratory Corporation of America(R) Holdings

Laboratory Corporation
Stephen Anderson, 336-436-5274
Company Information: http://www.labcorp.com