LabCorp has signed a definitive merger agreement to purchase a provider of specialized toxicology testing services, Medtox Scientific.

The transaction includes a purchase price of $27.00 per share in cash, representing a total enterprise value of approximately $241,000,000.

LabCorp chairman and chief executive officer David King said, "This acquisition provides a strong foundation for growth in this business, as we build and expand LabCorp’s Toxicology Center of Excellence and add to the unrivaled assets of the LabCorp Specialty Testing Group."

Medtox chairman and chief executive officer Dick Braun said the transaction highlights the fundamental value of the Medtox brand and expertise of the company’s quality of products and testing services.

"As part of LabCorp with its substantial resources and infrastructure, we expect to accelerate MEDTOX’s profitable growth and provide a stable and sustainable environment for our employees and clients," Braun added.

The transaction is subject to customary closing conditions including the expiration or early termination of the waiting period and is expected to close in the third quarter of 2012.