Biotech Market Spotlight: Sonic Healthcare

Pathology and health care company, Sonic Healthcare (ASX:SHL), has continued its spending spree by acquiring Rhode Island-based East Side Clinical Laboratory in the U.S. for an undisclosed sum.

This is the third lab acquired by Sonic in the past four months, and it's expected the company may purchase more labs in the U.S. and Germany.

East Side was established in 1949 and has developed in to a leading provider of clinical and laboratory services in the state of Rhode Island.

According to Sonic, Ease Side has annual revenues of over US$30 million.

At Sonic's AGM, held mid-November, management re-affirmed its expectation to see 10-15% growth in net profit for FY2010, provisional on currency fluctuations.

In today's trading, Sonic has gained 44c, or 3.1%, to $14.46.