LabCorp CEO Exercises Stock Options and Profits $8.8 Million

The chief executive officer of Laboratory Corporation of America Holdings, more commonly known as LabCorp, profited $8.8 million by exercising options and then selling the stock of the Burlington-based company, according to a filing with the Securities and Exchange Commission.

David P. King, chief executive officer and president of the clinical laboratory testing company, exercised options to purchase 132,713 shares at $90.74 apiece and then sold those shares at $157.06 for a profit of $8,800,995.

King now owns 214,065 shares worth approximately $38 million.

King has been president and chief executive officer of LabCorp since 2007 and has worked for the company since 2004.

LabCorp announced the closure of the $1.2 billion acquisition of Chiltern International Group Ltd., a contract research organization, on Monday. Chiltern will join LabCorp’s Covance Drug Development segment.

The company expects Chiltern to generate 2017 revenues of approximately $550 million and improve LabCorp’s position in the drug development solutions business.

LabCorp also recently announced plans to purchase Irvine, California-based ChromaDex Corp., an analytical testing services company, for $7.5 million.

LabCorp shares dropped 93 cents to $157.66 in Thursday morning trading.

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