Newspaper article THE JOURNAL RECORD

CT-Based Firm to Buy OK Urology Diagnostics Firm

Newspaper article THE JOURNAL RECORD

CT-Based Firm to Buy OK Urology Diagnostics Firm

Article excerpt

Connecticut-based Dianon Systems has signed an agreement to acquire Oklahoma City-based UroCor in a stock-for-stock transaction with an equity value of $180 million, it was announced Thursday.

Michael George, president and chief executive officer of UroCor, said the acquisition would have minimal impact on the company's Oklahoma City operations.

I know that UroCor plays an important role in the economic development plans for a biotech industry in Oklahoma City and in the state of Oklahoma, George said. That does not change; in fact, it's enhanced. The type of jobs that will be here and will be increasing over time are the high-tech positions.

UroCor's metro facility will become the western hub for Dianon, he said, and while some administrative positions at the site may be eliminated, George predicted that other positions would actually increase.

This site will become the western hub for Dianon Systems, George said. We're very strong in the Midwest, South and West, and they're very strong in the East. And so what you'll see is them processing more from the eastern seaboard and us processing more from the western side.

UroCor's Oklahoma City operations should also expand the number of disease states for which the company processes specimens, he said.

UroCor will remain in its current location at 840 Research Parkway in Oklahoma City.

We have plenty of space here, George said. And that's one of the reasons that it will become the western hub, because there's definitely capacity for growth within this current facility.

George said the work of UroCor's employees has made the business worth acquisition by Dianon.

Where we are today is a result of a lot of hard work by all the employees here and they've just done a tremendous job, he said.

The acquisition will make Dianon the largest urology diagnostics service provider in the country, providing services to more than 5,000 office-based urologists.

The acquisition will be structured as a tax-free share exchange and will be accounted for as a purchase. …

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