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Quest Diagnostics Closes Acquisition of Cleveland Clinic Spinout Cleveland HeartLab
Wednesday 06 December 2017

6 December 2017 - US-based medical diagnostics company Quest Diagnostics (NYSE: DGX) has closed the acquisition of US-based cardiovascular disease management firm Cleveland HeartLab from equity investors, including Cleveland Clinic, the company said.

This deal was announced in October.

Quest said it plans to establish a national center of excellence in diagnostic information services at Cleveland HeartLab's specialised laboratory in Cleveland, Ohio, focused on services that aid in assessing risk and treatment protocols for heart disease, the leading cause of death in the United States.

In connection with the acquisition, Quest Diagnostics and Cleveland Clinic are forming a strategic collaboration intended to accelerate the conversion of emerging innovations into diagnostic services to aid the diagnosis and treatment of various diseases.

Specifically, Quest and Cleveland Clinic will create a Steering Committee of experts from both companies to evaluate biomarkers on inflammation and other areas of disease discovered by the Lerner Research Institute and other parts of Cleveland Clinic; Quest Diagnostics may then independently develop test services for these important biomarkers.

The two entities also intend to collaborate on trials to demonstrate the clinical and economic value of these and other biomarkers.
Date Published: 06/12/2017
Target: Cleveland HeartLab
Country: USA
Sector: Healthcare
Type: Corporate acquisition
Status: Closed
Vendor: Equity investors, including Cleveland Clinic
Buyer: Quest Diagnostics
Terms of the deal were not disclosed