ChromaDex has signed a definitive agreement to sell its analytical testing services business to LabCorp. Upon closing of the transaction, which is expected to happen in early September 2017, the analytical testing services will be offered through LabCorp’s Covance Food Solutions business. ChromaDex will maintain its strategic infrastructure and assets to accelerate the discovery, acquisition, development, and commercialization of new proprietary ingredient technologies. This includes its recently commissioned Longmont R&D facility, its reference standards business, and its regulatory and safety consulting resources, which are not part of the sale.
“The analytical testing services business was a critical component to helping further set the standard for quality and safety in the supplement industry,” ChromaDex Founder and CEO, Frank Jaksch, said. “While we will no longer be a testing solutions provider, we will most certainly continue our leadership in quality and safety through our standards business, as well as through the novel nutrients we discover, acquire, develop, and commercialize. We thank our many loyal customers for their partnership over the years, and we are pleased to have found a trusted and committed partner in Covance, to serve and support our customers.”
ChromaDex will work with Covance to transition its analytical testing business customers into Covance’s care over the next several months.
“Over the years, the analytical testing business, and the standards business which we will maintain, have allowed us to establish deep roots amongst the scientific community,” ChromaDex President and Chief Strategy Officer, Rob Fried said. “We have developed a reputation for delivering scientific excellence in the products and services we offer. Today, we will carry forward that very important part of the Company’s history and channel our scientific leadership into discovering and developing NAD+ precursors and other related technologies.”