Quest to Acquire LabOne for $934 Million
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By Labmedica staff writers Posted on 17 Aug 2005 |
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In a move to enhance the company's position in diagnostic testing, Quest Diagnostics Inc. (Lyndhurst, NJ, USA) has agreed to acquire LabOne, Inc. (Lenexa, KS, USA) for U.S.$934 million, following the settlement of LabOne's debt for $132 million.
LabOne operates two major laboratories in the United States and provides paramedical examination services throughout the United States and Canada. The company provides health screening and risk-assessment services to life insurance companies as well as diagnostic testing services to healthcare providers and drugs-of-abuse testing to employers. LabOne reported revenues of $468 million for the year ended December 31, 2004.
Quest Diagnostics is the leading provider of diagnostic testing services in the United States, serving more than half a million patients per day. The company had revenues of $5.1 billion in 2004. Quest maintains 35 full-service testing laboratories across the United States as well as 140 rapid-response laboratories and 2,000 patient centers, where specimens are collected.
"This acquisition will generate significant synergies, solidify our leadership position in diagnostic testing by expanding access for physicians and patients, and strengthen our drugs-of-abuse testing business,” remarked Surya N. Mohapatra, Ph.D., chairman and CEO of Quest Diagnostics. "In addition, it will establish us as the leader in a new, testing-related business, providing health screening and risk-assessment services to the life insurance industry.”
"I believe this is an attractive transaction for our shareholders and will deliver significant value to them,” added W. Thomas Grant II, chairman and CEO of LabOne. "Our customers will have access to Quest Diagnostics' extensive network of laboratories, patient service centers, and logistics capabilities. In addition, they will benefit from its innovative science and technology, including Quest Diagnostics' Nichols Institute and advanced information-technology (IT) healthcare solutions.”
Related Links:
Quest Diagnostics
LabOne
LabOne operates two major laboratories in the United States and provides paramedical examination services throughout the United States and Canada. The company provides health screening and risk-assessment services to life insurance companies as well as diagnostic testing services to healthcare providers and drugs-of-abuse testing to employers. LabOne reported revenues of $468 million for the year ended December 31, 2004.
Quest Diagnostics is the leading provider of diagnostic testing services in the United States, serving more than half a million patients per day. The company had revenues of $5.1 billion in 2004. Quest maintains 35 full-service testing laboratories across the United States as well as 140 rapid-response laboratories and 2,000 patient centers, where specimens are collected.
"This acquisition will generate significant synergies, solidify our leadership position in diagnostic testing by expanding access for physicians and patients, and strengthen our drugs-of-abuse testing business,” remarked Surya N. Mohapatra, Ph.D., chairman and CEO of Quest Diagnostics. "In addition, it will establish us as the leader in a new, testing-related business, providing health screening and risk-assessment services to the life insurance industry.”
"I believe this is an attractive transaction for our shareholders and will deliver significant value to them,” added W. Thomas Grant II, chairman and CEO of LabOne. "Our customers will have access to Quest Diagnostics' extensive network of laboratories, patient service centers, and logistics capabilities. In addition, they will benefit from its innovative science and technology, including Quest Diagnostics' Nichols Institute and advanced information-technology (IT) healthcare solutions.”
Related Links:
Quest Diagnostics
LabOne
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