Background On Dow Corning's Interests In Medical Testing Labs
Subject: SmithKline Bid For Test Firm Tops Corning's Date: Published: 3/24/88 66 lines Source: WALL STREET JOURNAL. Copyright Dow Jones & Co. Inc. SmithKline Bid For Test Firm Tops Corning's --- International Clinical Labs Had Agreed to Accept Glass Concern's Offer --- By Frank Allen Staff Reporter of The Wall Street Journal PHILADELPHIA -- SmithKline Beckman Corp. made a surprise bid to acquire International Clinical Laboratories Inc. for $32 a share, or $320 million, despite the laboratory-testing concern's prior agreement to be purchased for $260 million by Corning Glass Works. SmithKline made its offer in an advertisement appearing in today's editions of The Wall Street Journal. Company officials who planned the bid were said to be traveling last night and weren't available to comment on SmithKline's reasons for the move. Officials at International Clinical also couldn't be reached for comment, and a spokesman for Corning Glass declined to comment. For both SmithKline and Corning, Nashville, Tenn.-based International Clinical is an attractive prize. Its fastest growth areas are insurance testing -- for detection of acquired immune deficiency syndrome, or AIDS -- and corporate drug testing. Within the past 18 months, SmithKline's own drug-testing operations have grown rapidly, prompted in part by the drug scandals of professional and college athletic teams. The Philadelphia-based pharmaceuticals and health-products concern wants to become a national leader in the drug-detection and insurance-testing fields. Similarly, the acquisition of International Clinical would significantly boost Corning's market presence, doubling the size and expanding the territory of the Corning, N. Y. -based company's Metpath laboratory operations, which provide medical testing for physicians. The Metpath unit operates 13 clinical-testing labs, primarily in the Northeast. International Clinical, which operates 13 labs on the West Coast and in the South, had net income of $4.8 million on sales of $205.5 million for the fiscal year ended Aug. 31. SmithKline's offer, scheduled to expire at 12: 01 a.m. EDT on April 21 unless extended, is contingent upon the tendering of at least a majority of International Clinical's 10 million common shares and share equivalents outstanding. Those equivalents include International Clinical's 10.5% convertible debentures due 1997 and its 7.25% convertible debentures due 2011. International Clinical's fastest growth areas are insurance testing -- which is performed to test for the presence of acquired immune deficiency syndrome, or AIDS -- and corporate drug testing. [23 lines irrelevant to AIDS have been removed. -- sysop] [This article is made available here by Dow Jones Co. for the personal and non-commercial use of callers to this bbs, in the hope that it will be of some help to those who are suffering from the disease and others who are seeking to help them.]
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