Avalon GloboCare Corp. (NASDAQ: AVCO) announced its acquisition of Laboratory Services MSO, LLC on November 8. The purchase price, for 60% of the company, totaled $31 million.
Shares of Avalon’s common stock began trading under the new ticker symbol “ALBT” on the Nasdaq Capital Market on Thursday, November 10, 2022.
Revere Securities LLC is acting as an advisor to Avalon in the transaction. Lowenstein Sandler LLP is acting as legal counsel to Avalon in the transaction. Blythe Global LLC is acting as accounting advisor.
Headquartered in Costa Mesa, California, Laboratory Services MSO provides a broad portfolio of diagnostic tests including drug testing, toxicology and a wide array of test services, from general blood work to anatomic pathology and urine toxicology. Laboratory Services has completed more than 450,000 tests. In 2021, it reported revenues of more than $25 million.
Avalon GloboCare is a clinical-stage, vertically integrated CellTech bio-developer dedicated to advancing and empowering innovative, transformative immune effector cell therapy, exosome technology, as well as cell therapy related companion diagnostics.
According to the LevinPro HC database, this transaction marks the 115th Laboratories, MRI and Dialysis acquisition of the year, and the 14th of the fourth quarter.
