Quest Diagnostics signs definitive agreement to sell HemoCue business for $300 million

Published on February 25, 2013 at 7:17 AM · No Comments

Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, today announced that it has signed a definitive agreement to sell its HemoCue diagnostic products business to Radiometer Medical ApS for a purchase price of approximately $300 million plus customary adjustments for cash balances. HemoCue develops, produces and markets hemoglobin, glucose and other point-of-care testing systems worldwide.

"The HemoCue divestiture, along with our sale of OralDNA in December 2012, demonstrates our commitment to refocus our business on diagnostic information services," said Steve Rusckowski , President and Chief Executive Officer of Quest Diagnostics. "We plan to use the proceeds to repurchase approximately $300 million of Quest Diagnostics shares as part of our stock buyback program."

The transaction is expected to be completed in March 2013, subject to customary closing conditions.

SOURCE Quest Diagnostics

Posted in: Business / Finance | Device / Technology News

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