HealthEdge Announces Exit of MNG Laboratories to LabCorp

HealthEdge + MNG.PNG

HealthEdge Announces Exit of MNG Laboratories to LabCorp

Tampa, FL – March 4, 2019 – HealthEdge Investment Partners, LLC (“HealthEdge”), a Tampa, Florida-based private equity fund focused exclusively on healthcare, announced today that Fund II portfolio company MNG Laboratories (“MNG”) has been acquired by LabCorp (NYSE: LH).  The MNG sale represents the second successful exit for HealthEdge Fund II investors.  HealthEdge’s initial investment to support MNG’s growth occurred in April 2015. 

 MNG is an internationally recognized and leading clinical diagnostic provider specializing in next generation sequencing (NGS) and complex biochemical testing for neurological and genetic conditions. Based in Atlanta, GA, MNG offers a complete neurogenetic testing menu and provides the industry’s most comprehensive NGS tests for various genetic and inherited neurological conditions affecting children and adults, including epilepsy, muscular dystrophy, Parkinson’s, Alzheimer’s, and cellular energetics defects. MNG is a disease-state expert with an extensive proprietary database and one of the world’s largest neurogenetic sample collections. In addition to individual genes and gene panels, MNG’s test menu also provides advanced genetic testing options, including whole genome sequencing, whole exome sequencing, mitochondrial DNA sequencing, and RNA “Transcriptome” sequencing. MNG also has extensive expertise in neurotransmitter defects for testing inborn errors of metabolism and neurometabolic disorders.

 The acquisition of MNG expands LabCorp’s capabilities in the important areas of neurology and neurogenetics. MNG’s testing portfolio and expertise support LabCorp’s goal to become the market leader in neurology-focused testing, as reflected in the recent launch of its Partners in Clinical Neuroscience program. In addition, MNG’s testing will be available through LabCorp’s Covance Drug Development business to help support studies into neurological diseases. 

 Terry Conrad, Operating Partner, HealthEdge, who served as CEO of MNG prior to its acquisition by LabCorp, stated, “As a leader in neurogenetics, MNG set new standards for diagnosing rare and inherited diseases.  LabCorp’s acquisition of MNG is an important addition to their world class diagnostic portfolio.  It was a pleasure to work with Lincoln as they brought us the right partner in LabCorp and helped secure a strong platform for MNG to reach its full potential.”

 "Our goal for the investment in MNG was to enable advancement of testing capabilities that help diagnose some of modern medicine’s most complex neurologic and genetic conditions, while reducing cost and increasing patient access to this valuable information.  We are proud of what the MNG team has accomplished in a short period of time and believe this transaction creates an opportunity for LabCorp to accelerate MNG’s growth with the resources and capabilities they bring to the business.  We are both pleased with the outcome and grateful for the work done by the team at Lincoln International in finding the right home for MNG," said Brian Anderson, Managing Partner and Founding Principal, HealthEdge Investment Partners.

 ABOUT LABCORP

LabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class diagnostics solutions, brings innovative medicines to patients faster, and uses technology to improve the delivery of care. LabCorp reported revenue of more than $11 billion in 2018. To learn more about LabCorp, visit www.LabCorp.com, and to learn more about Covance Drug Development, visit www.Covance.com.

 ABOUT HEALTHEDGE

HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 200 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com.