Quest Diagnostics Sells Ibrutinib Royalty Rights to Royalty Pharma For $485M in Cash

Quest Diagnostics Incorporated

, the world's leading provider of diagnostic information services, announced today that it has completed the sale of its rights to royalties from commercialization of the drug candidate ibrutinib to Royalty Pharma, the industry leader in acquiring royalty interests in marketed and late stage biopharmaceutical products, for $485 million in cash. "This transaction is consistent with our strategy to refocus on our core diagnostic information services business," said Steve Rusckowski, Quest Diagnostics President and CEO. "The ibrutinib royalty rights were not core to our business. After considering interest in ibrutinib, we conducted a robust market process, and believe that selling now is in the best interests of our shareholders. We expect to use the proceeds to drive shareholder value, consistent with our capital deployment strategy."