Quest Diagnostics and Celera Enter Merger Agreement

Quest Diagnostics Inc. (Madison, NJ, USA), a provider of diagnostic testing, information, and services, and Celera Corp. (Alameda, CA, USA), a pioneer in genetic diagnostics discovery and development, have entered into a definitive merger agreement under which Quest Diagnostics will acquire Celera. The transaction value is approximately US$344 million, net of $327 million in acquired cash and short-term investments. The transaction was approved by the boards of directors of both companies.

With the acquisition, Quest will strengthen its position in molecular diagnostics and development. The company will also receive immediate access to proprietary genetic tests and a pipeline of biomarkers to drive sustainable growth. Celera's Berkeley HeartLab with its cardiovascular test offering and specialized sales force is included in the merger.

Surya N. Mohapatra, PhD, chairman, and CEO of Quest Diagnostics, said, "This transaction advances our growth strategy to be the leading innovator and provider of esoteric and gene-based testing for cancer, cardiovascular disease, infectious disease, and neurological disorders." Dr. Mohapatra continued, "I am pleased at the prospect of Celera's CEO Kathy Ordoñez and key members of her team becoming part of Quest Diagnostics."

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