Laboratory Corporation of America Holdings (LABCORP) has signed an agreement to acquire MedTox Scientific for $27 a share in cash, representing a total enterprise value of approximately $241m.

Medtox provides specialised laboratory testing services and on-site / point-of-collection testing (POCT) devices, along with logistics, data and programme management services to customers.

LabCorp chairman and CEO, David King, said: "We are extremely pleased that Medtox, a premier forensic and clinical laboratory with a reputation for exceptional quality, dependability and customer service, is joining our family."

"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 unrivalled assets of the LabCorp specialty testing group," King added.

The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2012.

Medtox chairman and CEO, Richard Braun, said the transaction highlights the fundamental value of the Medtox brand and the quality of its 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.

LabCorp offers diagnostic tests ranging from routine blood analyses to reproductive genetics to companion diagnostics.