UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange
Act of 1934
July 7, 2003
------------------
(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
-------------- ----------- ------------
--
(State or other (Commission (IRS
Employer
jurisdiction of File Number)
Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
-------------------------------------------------------
(Address of principal executive offices)
336-229-1127
------------
(Registrant's telephone number, including area code)
ITEM 9. Regulation FD Disclosure.
Burlington, NC, July 7, 2003 - Laboratory Corporation of
America Holdings (LabCorp-Registered Trademark-)
(NYSE: LH) today announced that it has entered into a
marketing and distribution relationship with
Atherotech, a leading cardiodiagnostic company and
specialty reference laboratory, to offer its proprietary
Vertical Auto Profile (VAP-Trade mark-) Cholesterol Test.
The multi-year agreement includes a provision
for the transfer of patented testing technology to
LabCorp, after which, if certain conditions are met,
LabCorp would become the first clinical laboratory
licensed to perform the cardiovascular disease risk
assessment assay within its own national laboratory
system.
This innovative partnership will ensure broader patient
access for Atherotech's VAP Test technology
through LabCorp's extensive sales and distribution
network, while adding an important test to LabCorp's
already broad menu of esoteric assays for cardiovascular
disease. According to the American Heart
Association, coronary heart disease kills more Americans
than any other illness, and reducing risk factors is
extremely important. Atherotech's VAP Test is an
expanded cholesterol test designed to improve the
identification of people at risk for heart disease. It
provides direct, detailed measurements of cholesterol
subclasses that play important roles in the development
of heart disease.
"We are pleased to offer the VAP Cholesterol Test as part
of our broadly available menu of service offerings
for cardiovascular disease," said Myla Lai-Goldman, MD,
executive vice president, medical director and
chief scientific officer for LabCorp. "Many of our
physician customers have been asking for this valuable
test to help improve patient care. This initial strategic
partnership with Atherotech is significant because it
will increase patient access to important cardiovascular
technology. We also continue to explore additional
opportunities to further expand our relationship with
Atherotech."
"Cardiovascular disease is a major public health problem
affecting nearly 60 million Americans, and the
need for increased access to effective cardiovascular
disease risk assessment tools is clear," said Atherotech
President and Chief Executive Officer Roseanne Varner.
"This new marketing and distribution relationship
with LabCorp allows us to reach significantly more
physicians who need technologies like our VAP Test to
develop appropriate cardiovascular therapies for their
patients."
About Atherotech
Atherotech, based in Birmingham, Ala., is dedicated to
improving the prevention, early diagnosis, and
treatment of heart disease and other cardiovascular
diseases that kill nearly 1 million people each year.
the company's VAP Cholesterol Test, the new standard of care
for cholesterol risk assessment, meets updated
National Cholesterol Education Program guidelines, which
call for improved patient diagnosis and more
aggressive treatment of heart disease. The test is
reimbursed by a growing number of insurers and managed
care organizations. For more information, visit the
company's Web site at www.thevaptest.com.
About LabCorp
The first national clinical laboratory to fully embrace
genomic testing, Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered
Trademark-) has been a pioneer in commercializing
new diagnostic technologies. As a national laboratory
with annual revenues of $2.5 billion in 2002 and over
24,000 employees, the Company offers more than 4,000
clinical tests ranging from routine blood analyses to
sophisticated molecular diagnostics. Serving over 200,000
clients nationwide, LabCorp combines its
expertise in innovative clinical testing technology with
its Centers of Excellence. The Center for Molecular
Biology and Pathology, in Research Triangle Park, North
Carolina, offers state-of-the-art molecular gene-
based testing in infectious disease, oncology and
genetics. DIANON Systems, its Anatomic Pathology
Center of Excellence, is a leader in oncology and genetic
testing, and National Genetics Institute in Los
Angeles is an industry leader in developing novel, highly
sensitive polymerase chain reaction (PCR)
methods for testing hepatitis C and other blood borne
infectious agents. LabCorp's Minneapolis-based
ViroMed offers molecular microbial testing using real
time PCR platforms, while its Center for Esoteric
testing in Burlington, North Carolina, performs the
largest volume of specialty testing in the network.
LabCorp's clients include physicians, state and federal
government, managed care organizations, hospitals,
clinics, pharmaceutical and Fortune 1000 companies, and
other clinical laboratories.
Each of the above 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, 2002 and subsequent SEC
filings.
###
Laboratory Corporation of America -Registered
Trademark- Holdings (NYSE:LH) (LabCorp -Registered Trademark-)
announced that it had executed an agreement to pay $4.5 million in
cash to purchase certain assets in Northern California from
Quest Diagnostics Incorporated (NYSE:DGX) following the
completion of the acquisition of Unilab Corporation by Quest
Diagnostics.
The purchase price will be paid over a period of up to
eighteen months following the closing of the asset purchase by
LabCorp.
The assets to be purchased by LabCorp include the
assignment of four
contracts with independent physician associations (IPAs),
as well
as the leases for 46 patient service centers, five of
which also serve
as rapid response laboratories, located throughout
Northern California.
Quest Diagnostics has indicated that approximately $27
million in annual
revenues is generated by capitated fees under the IPA
contracts and
associated fee-for-service testing for physicians whose
patients use these
patient service centers, as well as from specimens
received directly from
the IPA physicians. The IPAs have already consented to
the assignment of
the contracts.
The asset sale to LabCorp is subject to approval by the
Federal Trade
Commission and is contingent on and will close after the
completion of the
Quest Diagnostics/Unilab transaction. The FTC has not
yet completed its
review of the Quest Diagnostics/Unilab transaction.
LabCorp understands
that Quest Diagnostics expects to complete the Exchange
Offer this month.
"Expanding into the Northern California market through
this agreement
immediately provides LabCorp with a meaningful market
position in a cost
effective manner," said Richard L. Novak, executive vice
president and
chief operating officer of LabCorp. "Strategically, the
business acquired
in this very important market also provides LabCorp a
solid foundation for
generating additional revenues through both the routine
physician market as
well as business development activities in esoteric
testing."
Each of the above 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, 2001 and subsequent SEC
filings,
and will be available in the Form 10-K for the year ended
December 31, 2002, when filed.
SIGNATURES
Pursuant to the requirements of the Securities and
Exchange
Act of 1934, the registrant has duly caused this report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
------------------------------------------
(Registrant)
By:/s/ BRADFORD T. SMITH
----------------------------------
Bradford T. Smith
Executive Vice President
and Secretary
Date: July 7,2003