LabCorp (NYSE:LH) will work with the David H. Murdock Research Institute to develop new testing tools that could be used in clinical research worldwide.
Under the partnership with the DHMRI announced Wednesday, LabCorp’s clinical trials division, Esoterix, will provide the institute’s clients with access to test development services. New assays discovered and developed at DHMRI could also be transferred to LabCorp’s clinical trial laboratories around the world to support clinical studies.
Financial terms of the deal were not disclosed. But the agreement provides commercialization path for companion diagnostics and other tests once they’ve been validated in a clinical setting.
The DHMRI was founded businessman David H. Murdock, former executive and owner of the Dole Food Company, who envisioned creating a new biotechnology research hub in the mill town of Kannappolis. Eight North Carolina universities have a presence on the 350-acre campus; Burlington, North Carolina-based LabCorp is one of the businesses with space on the site.
DHMRI offers a range of research capabilities that can support test development for early and late stage drug discovery and development. LabCorp has been boosting its abilities to support clinical research. In June, LabCorp acquired Canada-based Clearstone Central Laboratories, a company that has a global network of central laboratories to support clinical research.
