Jun. 24--Burlington-based Laboratory Corporation of America intends to take over Monogram Biosciences, Inc. following a merger agreement announced on Tuesday.

In the deal, LabCorp will acquire all of the outstanding shares of Monogram in a cash tender offer of $4.55 per share. The implied total enterprise value is approximately $155 million, according to a Lab-Corp press release.

Monogram, based in San Francisco, specializes in treatments and testing for infectious diseases, cancer and other serious diseases. It is a leader in HIV testing and oncology products.

The acquisition gives LabCorp, Alamance County's largest employer, a company that reported record revenues in 2008 and access to new technology.

"Monogram Biosciences Inc. has an excellent clinical reputation, a market leading infectious disease test, a market leading companion diagnostic, an exciting technology platform for oncology and offers LabCorp a substantial growth opportunity," said David P. King, chairman and chief executive officer of LabCorp, in the company's press release.

According to the company's Web site, Monogram, which trades on the NASDAQ market under MGRM, designs products to help doctors improve treatment regimens for patients at reduced costs.The company's technology is also used by "biopharmaceutical companies" to develop anti-viral therapies and vaccines and cancer therapies. The goal is to address mutations that cause infectious diseases.

Acquiring the company will allow LabCorp to have access to this new approach and technologies that further research for cancer and HIV patients.

LabCorp's annual revenues totaled $4.5 billion in 2008. The company has more than 28,000 employees and more than 220,000 clients including physicians, government agencies, hospitals and pharmaceutical companies.

Monogram reported revenues of $62.2 million in 2008 or 44 percent higher than 2007. The companies expect that the merger will mean a 12-cent decrease in LabCorp's earnings per share.

"LabCorp has an exciting vision of the role of molecular diagnostics in personalized medicine," said William D. Young, chief executive officer and chairman of Monogram. "We are excited to see Monogram's technology and employees become a part of that vision." To comment on this or any Times-News story online, go to TheTimesNews.com, find the story, go to the bottom and follow the directions

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