Test tubes filled with money

Quest Diagnostics Inks Two Deals in One Week

Quest Diagnostics (NYSE: DGX) had a busy week in late September, announcing two acquisitions.

On September 25, Quest announced its purchase of the U.S. laboratory services business of Oxford Immunotec Global plc in Abingdon, UK. The U.S.-based business includes the T-SPOT.TB tuberculosis and the Accutix tick-borne disease testing services in Memphis, Tennessee and Norwood, Massachusetts.

As part of the transaction, Oxford Immunotec will sell T-SPOT.TB test kits and related accessories to Quest under the terms of a long-term supply agreement, which would be effective at closing of the acquisition some time in the fourth quarter of 2018.

Two days later, Quest went in a different direction with its acquisition of Seattle-based PhenoPath. The company provides AP, molecular oncology and other services, including genetic sequencing and genomic tumor analysis, which require higher-order expertise and skill. AP and molecular oncology services are essential to diagnose many diseases, particularly cancer.

The PhenoPath business will operate as part of AmeriPath, a wholly owned business of Quest Diagnostics. AmeriPath provides anatomic pathology services to many ambulatory health and surgery centers, imaging centers, clinics and physician offices, and has on-site community pathologists in more than 170 hospitals across the country.

Financial terms were not disclosed in either deal.

 

 

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