Laboratory Corporation of America Holdings (Labcorp) has agreed to acquire US-based contract research organisation (CRO) Toxikon for an undisclosed sum.

Based in Bedford, Massachusetts, Toxikon provides in vivo, in vitro, and analytical testing services for the pharmaceutical, biotechnology, and medical device industries across the world.

With annual revenues of up to $40m, Toxikon has specialised, advanced facilities and a roster of pharmaceutical, biotech and medical device clients.

The firm’s staff delivers a portfolio of in vivo and in vitro testing and related consulting services for life sciences firms.

Toxikon’s Bedford facility is expected to allow Labcorp Drug Development to expand its traditional toxicology business.

Toxikon’s founder, president and CEO Dr Laxman S. Desai said: “As a part of the Labcorp family, we will have an opportunity to broaden our impact through access to extensive resources, knowledge and support.

“Together, we can provide better outcomes for our clients and, ultimately, the health care providers and patients who depend on our continued success and innovation.”

Toxikon’s strategic location will enable Labcorp to better engage with large pharmaceutical companies and biotech firms in the region on nonclinical work, in addition to entering into medical device investigational device exemption (IDE) submissions.

The acquisition is expected to complement Labcorp’s existing nonclinical medical device efficacy and safety testing, as well as the associated clinical work conducted by Labcorp’s medical device and diagnostics unit.

Labcorp Drug Development CEO Dr Paul Kirchgraber said: “This acquisition extends Labcorp’s portfolio of full-service drug development and medical device solutions from discovery to market approval.”

Subject to customary closing conditions and regulatory approvals, the deal is expected to be completed during the fourth quarter of this year.

In August this year, Labcorp acquired women’s digital health platform Ovia Health to enhance its position as a go-to source for women’s health insights.