US-based global life sciences company LabCorp has completed the acquisition of Chiltern, a specialist contract research organisation (CRO), for approximately $1.2bn.

In July, LabCorp confirmed its intention to acquire Chiltern pursuant to a definitive agreement with the shareholders of the CRO.

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With the acquisition, Chiltern will now become a part of LabCorp’s Covance Drug Development business.

The conclusion of the deal has created a market-leading CRO, with more than 20,000 employees worldwide, thereby increasing Covance’s offerings as a partner serving the high-growth emerging and mid-market biopharma segments.

LabCorp chairman and chief executive officer David P. King said: “The addition of Chiltern advances a key element of LabCorp’s strategy – to bring innovative medicines to patients faster, which ultimately will improve patient outcomes.

"The addition of Chiltern advances a key element of LabCorp’s strategy – to bring innovative medicines to patients faster, which ultimately will improve patient outcomes."

“We are delighted to welcome our Chiltern colleagues and look forward to driving growth and innovation as we offer enhanced solutions to our biopharmaceutical customers.”

With the acquisition, the Covance executive team will include Chiltern officials and will comprise existing members from both the companies.

Covance CEO John Ratliff said: “The powerful combination of Covance and Chiltern enables us to provide enhanced customer offerings, including expanded functional service provider solutions and leading oncology expertise.”

This year, Chiltern has estimated its revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to reach approximately $550m and $95m, respectively.