DiaSorin To Acquire Focus Diagnostics' Business From Quest Diagnostics for $300M

DiaSorin S.p.A. and Quest Diagnostics

today announced that they have entered into a purchase agreement under which DiaSorin will buy Quest's Focus Diagnostics, Inc. immunodiagnostic and molecular diagnostic products business. DiaSorin will pay to Quest Diagnostics $300 million in cash. The acquisition does not include Quest's diagnostic information service laboratories currently operating under the Focus Diagnostics brand. Steve Rusckowski, president and CEO, Quest Diagnostics said "This transaction reflects our ongoing commitment to re-focusing on Quest's core diagnostic information services business. We return the majority of our free cash flow to investors in the form of dividends and share repurchases, and also have been investing in the business through strategically aligned acquisitions." Shares of Quest Diagnostics are up 1.41 percent Wednesday.