MADISON, N.J., Feb. 24, 2011 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), the world's leading provider of diagnostic testing, information and services, announced today that it has signed a definitive agreement to acquire Athena Diagnostics, an esoteric laboratory specializing in genetic testing for neurological disorders, from Thermo Fisher Scientific (NYSE: TMO) for $740 million in cash.
Athena Diagnostics is the leading provider of advanced diagnostic tests used to rule out, or confirm, physicians' diagnoses of neurological conditions, such as Alzheimer's disease, neuromuscular disorders, such as Spinal Muscular Atrophy, and developmental disorders. Based in Worcester, Massachusetts, Athena provides the most comprehensive test menu and intellectual property portfolio for neurological conditions through more than 350 diagnostic tests. Athena generated approximately $110 million in revenues in 2010 and is growing at a double-digit rate with attractive margins and cash flow. The transaction is expected to be completed early in the second quarter of 2011 following the satisfaction of customary conditions.
"The acquisition of Athena Diagnostics, the premier provider of esoteric and genetic testing for neurology, will establish Quest Diagnostics as the clear leader in this rapidly emerging market, which represents one of the next significant growth areas in diagnostic testing," said Surya N. Mohapatra, Ph.D., Chairman and Chief Executive Officer of Quest Diagnostics. "Athena's leadership in neurology, including its robust product pipeline and intellectual property assets, will complement Quest Diagnostics' existing leadership in testing for cancer, infectious disease and cardiovascular disease.
"We expect to further accelerate Athena'
|SOURCE Quest Diagnostics Incorporated|
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