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Quest Diagnostics to Acquire Focus Diagnostics, Inc., A World
Leader in Infectious Disease Testing
LYNDHURST, N.J., and HERNDON, Va., May 19 /PRNewswire-FirstCall/
-- Quest Diagnostics Incorporated (NYSE: DGX), the nation's
leading provider of diagnostic testing, information and
services, has agreed to acquire Focus Diagnostics, Inc., the
premier infectious disease testing provider, in a cash
transaction valued at approximately $185 million. Focus
Diagnostics is privately held and based in Herndon, Virginia.
The acquisition will add annual revenues of approximately $65
million.
Focus Diagnostics is a portfolio company of private equity firms
DLJ Merchant Banking and The Sprout Group. Excluded from the
transaction is Focus Bio-Inova, Focus Diagnostics'
pharmaceutical testing operation. The transaction, which is
expected to be completed during the third quarter of 2006, is
subject to regulatory review and other customary closing
conditions. Additional terms of the transaction were not
disclosed.
"Focus Diagnostics has been recognized worldwide for its
leadership in infectious and immunologic diseases and its
expertise in developing new diagnostics," said Surya N.
Mohapatra, Ph.D., Chairman and CEO of Quest Diagnostics. "Focus
Diagnostics will further expand our capabilities and strengthen
our position as the leading provider and developer of esoteric
tests to hospitals and physicians."
The acquisition is not expected to have a material impact on
Quest Diagnostics' 2006 earnings per share, excluding
anticipated charges associated with the transaction.
Focus Diagnostics offers its reference testing services to large
academic medical centers, hospitals and commercial laboratories.
The company has also established a reputation for being first to
introduce new assays to the market, including diagnostic tests
for Lyme disease, West Nile Virus and SARS. In addition, Focus
develops and markets diagnostic products, such as HerpeSelect(R)
for Herpes Simplex Virus.
About Focus Diagnostics, Inc.
Founded in 1978 as Microbiology Reference Laboratory, Focus
Diagnostics has served the healthcare community for nearly three
decades as an innovative developer and provider of products and
testing services for complex diagnostics, including infectious
disease, autoimmune and newly introduced genetic testing. Focus
Diagnostics' USFDA-registered and ISO 9001-certified diagnostics
manufacturing facility and ISO 9001-certified reference
laboratory are located in Cypress, California. Corporate
headquarters are in Herndon, Virginia. More information is
available at
http://www.focusdx.com.
About Quest Diagnostics
Quest Diagnostics is the leading provider of diagnostic testing,
information and services that patients and doctors need to make
better healthcare decisions. The company offers the broadest
access to diagnostic testing services through its national
network of laboratories and patient service centers, and
provides interpretive consultation through its extensive medical
and scientific staff. Quest Diagnostics is a pioneer in
developing innovative new diagnostic tests and advanced
healthcare information technology solutions that help improve
patient care. Additional company information is available at:
http://www.questdiagnostics.com.
The statements in this press release which are not historical
facts or information may be forward-looking statements. These
forward-looking statements involve risks and uncertainties that
could cause actual results and outcomes to be materially
different. Certain of these risks and uncertainties may include,
but are not limited to, competitive environment, changes in
government regulations, changing relationships with customers,
payers, suppliers and strategic partners and other factors
described in the Quest Diagnostics Incorporated 2005 Form 10-K
and subsequent SEC filings.
Contact
Investors: Laure Park, +1-201-393-5030
Media: Gary Samuels, +1-201-393-5700
both of Quest Diagnostics Incorporated
(NYSE: DGX)
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