SECAUCUS, N.J. and INDIANAPOLIS, June 23,
2020 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the
world's leading provider of diagnostic information services, today
announced the formation of a definitive multi-pronged agreement
designed to optimize the delivery of high quality, innovative
diagnostic laboratory services in Indiana.
Through this all-cash equity transaction, Quest will acquire its
joint venture partners' interests in Mid America Clinical
Laboratories ("MACL") and operate the business by itself. Formed
about 20 years ago as a joint venture company by Quest
Diagnostics, Ascension St. Vincent and Community Health Network,
MACL is now the largest independent clinical laboratory provider in
Indiana. Upon closing, Quest will
wholly own MACL's laboratory in Indianapolis and approximately 50 patient
service centers across Indiana.
As part of the transaction, Quest will also provide professional
hospital lab services under long-term service agreements for
approximately 30 hospital labs owned and operated by Ascension St.
Vincent and Community Health Network. AmeriPath Indiana will
continue to provide specialized pathology services to CHN and
Ascension St. Vincent as well as to the broader community in
Indiana,
Assuming the transaction's completion, providers and patients
will benefit from direct access to Quest's broader, high quality
and innovative test services in Indiana.
"This transaction delivers on our accelerate growth and
operational excellence strategies, which focus on strategically
aligned, accretive acquisitions, while bolstering our professional
lab services," said Steve
Rusckowski, Quest Diagnostics Chairman, CEO and President.
"Health systems increasingly turn to Quest Diagnostics to optimize
their lab strategies. We are pleased to take this step forward to
deliver actionable diagnostic insights to more patients and
providers in Indiana."
The organizations expect to complete the transaction in the
third quarter of 2020, subject to customary regulatory review.
Financial terms were not disclosed.
About Quest Diagnostics
Quest Diagnostics empowers
people to take action to improve health outcomes. Derived from the
world's largest database of clinical lab results, our diagnostic
insights reveal new avenues to identify and treat disease, inspire
healthy behaviors and improve health care management. Quest
Diagnostics annually serves one in three adult Americans and half
the physicians and hospitals in the
United States, and our 47,000 employees understand that, in
the right hands and with the right context, our diagnostic insights
can inspire actions that transform lives.
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SOURCE Quest Diagnostics