Wired News – Quest Diagnostics Completed Acquisition of Cleveland HeartLab

Stock Monitor: China Cord Blood Post Earnings Reporting

LONDON, UK / ACCESSWIRE / December 05, 2017 / Active-Investors issued a free report on Quest Diagnostics Inc. (NYSE: DGX), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=DGX as the Company’s latest news hit the wire. Quest Diagnostics, the world’s leading provider of diagnostic information services, declared on December 01, 2017, that it has completed the acquisition of Cleveland HeartLab. The Company plans to establish a national center of excellence focused on heart disease diagnostics at Cleveland HeartLab’s existing 25,000 square-foot clinical laboratory facility in Cleveland. Sign up now for our free research reports at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Quest Diagnostics most recent news is on our radar and we have decided to include it on our blog post. Today’s free coverage is available at:

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Quest Diagnostics will also form a strategic collaboration with Cleveland Clinic, aimed to speed the commercialization of emerging innovations at the latter, including its Lerner Research Institute.

Agreement Will Expand Access to Cardiometabolic Diagnostic Innovations

Steve Rusckowski, Chairman, President, and CEO of Quest Diagnostics, stated that joining together with Cleveland HeartLab will expand access to cardiometabolic diagnostic innovations that can help patients identify their personal risk and achieve the best possible health outcomes. It supports Quest Diagnostics’ strategy to accelerate growth while also helping more patients gain the insights they need to lead healthier lives.

Benefits of the Agreement

The transaction will combine the expertise of Cleveland HeartLab’s personalized evaluation of heart disease risk based on inflammation and other markers with Quest Diagnostics’ Cardio IQ® lipid particle analysis and genetic and metabolic testing leadership. Both companies will also collaborate on trials to show the clinical and economic value of biomarkers

Acquisition Announced Previously in October

On October 18, 2017, Quest Diagnostics formed a definitive agreement to acquire Cleveland HeartLab from equity investors, including Cleveland Clinic. The transaction was subject to customary regulatory reviews. Additional financial terms were not disclosed.

Quest’s Series of Acquisitions in 2017

On October 30, 2017, Quest Diagnostics acquired certain assets of California Laboratory Associates (CLA), a clinical lab network serving patients, and providers in the Greater Los Angeles Area.

On September 29, 2017, the Company acquired the outreach lab services operations of two hospitals of Hartford HealthCare (HHC), The William W. Backus Hospital, and The Hospital of Central Connecticut.

On September 28, 2017, Quest Diagnostics entered into an agreement under which it would acquire the Shiel Medical Laboratory business from Fresenius Medical Care, the premier healthcare company focused on delivering the highest quality care to people with renal and other chronic conditions. The transaction was structured as a purchase of assets.

On July 18, 2017, the Company completed its previously announced acquisition of the laboratory businesses Med Fusion and Clear Point.

In May 2017, Quest Diagnostics and PeaceHealth completed a previously announced two-part agreement designed to enhance the delivery of innovative, convenient, and high-value diagnostic information services to communities in Oregon, Washington, and Alaska. The acquisition was initially announced in February 2017.

About Quest Diagnostics Inc.

Established in 1967, Quest Diagnostics is the world’s leading provider of diagnostic testing services, information, and services. The Company’s services range from routine tests to sophisticated cancer testing, gene-based, and molecular testing. Quest Diagnostics is headquartered in Secaucus, New Jersey.

About Cleveland HeartLab

Founded in 2009 and based in Cleveland, Ohio, Cleveland HeartLab operates as a clinical laboratory offering innovative, scientifically proven, and medically relevant biomarkers that are predictive of cardiovascular risk. The Company offers inflammatory and other advanced biomarker testing that practitioners from across North America, Europe and Asia used in the management and prevention of heart disease.

Stock Performance Snapshot

December 04, 2017 – At Monday’s closing bell, Quest Diagnostics’ stock advanced 1.04%, ending the trading session at $100.24.

Volume traded for the day: 2.14 million shares, which was above the 3-month average volume of 1.43 million shares.

Stock performance in the last month – up 6.92%; past twelve-month period – up 13.91%; and year-to-date – up 9.08%

After yesterday’s close, Quest Diagnostics’ market cap was at $13.73 billion.

Price to Earnings (P/E) ratio was at 20.88.

The stock has a dividend yield of 1.80%.

The stock is part of the Healthcare sector, categorized under the Medical Laboratories & Research industry.

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