Enzo Biochem Inc ENZ Shares rose in extended trading on Thursday after the company approved sell his clinical laboratory To Laboratory Corporation of America LH.

What happened: Enzo took one agreement under which Labcorp will acquire its clinical laboratory division assets. The transaction is part of Enzo’s “focused return” effort to maximize value for shareholders.

“Completion of the sale will position Enzo to review and execute additional shareholder value enhancement activities and expand our global leadership position in the life sciences space,” he said Hamid ErfanianCEO of Enzo Biochem.

bill haas, Senior Vice President of Labcorp’s Northeast Division said, “Enzo Clinical Labs has a reputation for high quality testing and expert customer focus, and we look forward to integrating these capabilities through a smooth and seamless transition of services while maintaining a Long Island presence with maintain testing and service teams.”

Enzo plans to seek shareholder approval for the proposed sale at an upcoming special meeting of shareholders. Further information about the transaction will be provided at that time.

ENZ price campaign: Enzo Biochem shares are up 110.1% at $2.51 at the time of publication Gasoline Pro.

Photo: Michal Yarmoluk from Pixabay.