Nichols Institute Will Acquire Clinical Testing Lab in St. Paul
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Nichols Institute, a San Juan Capistrano medical testing firm, said on Monday that it will acquire a St. Paul, Minn., clinical testing laboratory in a cash and stock transaction valued at about $7.5 million.
North Central Laboratories will be the third Midwestern testing firm acquired by Nichols this year. Earlier this month, Nichols purchased Clinical Laboratories of Lincoln, Neb., and an affiliated lab in Sioux City, Iowa. Those transactions were valued at $17.7 million.
“This acquisition will be a nice complement to our other recent acquisitions and establishes our market position in the Midwest,” said Robert Gentry, Nichols vice president for corporate development.
Nichols is also negotiating the purchase of a fourth Midwestern laboratory in Omaha, Neb., Gentry said.
Nichols’ laboratories perform specialized tests to diagnose such illnesses as cancer, hormone diseases and AIDS. The institute also conducts many routine tests for hospitals and medical clinics, Gentry said.
In addition to labs at its San Juan Capistrano facility, Nichols Institute has labs in San Diego and Portland, Ore.
For the first quarter of 1988, Nichols posted a profit of $833,000 on revenues of $18.9 million.
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