Sequenom's Stock Nearly Triples After Buyout Deal For Hefty Premium

By Tomi KilgoreMarketsMarketWatch Pulse

Sequenom Inc.'s stock nearly tripled in premarket trade Wednesday, after the patient management information company said it agreed to be bought by Laboratory Corp. of America Holdings in deal valued at $302 million, or $371 million including debt. Under terms of the deal, LabCorp will pay $2.40 for each Sequenom share outstanding, which is 182% above Tuesday's closing price of 85 cents. Sequenom's stock has closed below $1 since June 27. It has tumbled 48% year to date through Tuesday, while LabCorp shares had climbed 12% and the S&P 500 had gained 6.1%.

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