Hologic Shares Turn Positive Following News of Alliance with Quest Diagnosstics
Quest Diagnostics (NYSE: DGX), the world's leading diagnostic information services company, and Hologic, Inc. (Hologic) (NASDAQ: HOLX), a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products, with an emphasis on serving the healthcare needs of women, announced today that they have entered into a strategic alliance to more broadly offer testing based on Hologic's APTIMA family of products, as well as to co-develop and promote advanced diagnostic solutions to improve women's health.
"This alliance will enhance the ability of Quest Diagnostics to deliver state-of-the-art testing methods and specialized expertise in women's health diagnostic information services," said Steve Rusckowski, President and Chief Executive Officer, Quest Diagnostics. "It builds on our long-standing successful relationship with Hologic to lead the way in delivering solutions that address the clinical challenges facing obstetricians and gynecologists in treating women. This collaboration also promises to increase the range of capabilities for advancing the health of women for both companies."
"This collaboration represents a potentially important new chapter in women's health diagnostics," said Rob Cascella, Hologic's President and Chief Executive Officer. "Quest Diagnostics' strong capabilities in diagnostic information services and laboratory and interpretive consulting, when combined with Hologic's technical expertise and product excellence, holds the potential for us to develop new capabilities for serving unmet clinical needs for women in other areas of cancer detection."
Under a non-exclusive agreement with an initial term of five years, the companies will focus primarily on clinical areas critical to the health of women. Quest Diagnostics will transition to a broader offering of services based on Hologic's APTIMA family of products, which includes FDA-approved or cleared assays for HPV, HPV genotyping, chlamydia, gonorrhea and trichomonas vaginalis. In addition, Quest Diagnostics will continue to utilize Hologic's leading line of ThinPrep liquid-based cytology products.
Quest Diagnostics will also continue to offer Hologic's APTIMA HPV mRNA-based assay nationally. Unlike other FDA-approved, DNA-based HPV tests, the APTIMA HPV assay detects messenger RNA over-expressed from two viral oncogenes that are integral to the development of cervical cancer. Hologic's APTIMA HPV assay detects E6/E7 viral mRNA from 14 high-risk types of human papillomavirus in cervical specimens (refer to package insert for other indications and limitations).
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