Navigation Links
Quest Diagnostics Agrees to Repurchase 15.4 Million Shares From Largest Shareholder
Date:1/31/2011

MADISON, N.J., Jan. 31, 2011 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX) today announced that it had agreed to repurchase at a negotiated price 15.4 million shares of its common stock from its largest shareholder, an affiliate of GlaxoSmithKline plc (GSK). Subsequent to the transaction, GSK will no longer hold any shares of common stock of Quest Diagnostics.

"Through this transaction, we are taking advantage of a unique opportunity to enhance shareholder value and demonstrating confidence in the long term outlook for our business," said Surya N. Mohapatra, Chairman and CEO of Quest Diagnostics. "We continue to maintain the financial flexibility to pursue acquisitions, which remains a key element of our growth strategy."

Quest Diagnostics will repurchase the shares using a combination of cash on hand and borrowing through available credit facilities. The repurchase will be applied against the company's current $1 billion share repurchase authorization.

As a result of this transaction, the company is raising its 2011 guidance for diluted earnings per share before special items to be between $4.25 to $4.45. Previous guidance was $4.10 to $4.30.

About Quest Diagnostics

Quest Diagnostics is the world's leading provider of diagnostic testing, information and services that patients and doctors need to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at www.QuestDiagnostics.com.

The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners and other factors discussed in "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures About Market Risk" in the company's 2009 Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and "Risk Factors" in the company's 2010 Quarterly Reports on Form 10-Q and other items throughout the Form 10-K and the company's 2010 Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

For Quest Diagnostics: Kathleen Valentine (Investors), +1-973-520-2900, or Gary Samuels, (Media), +1-973-520-2800


'/>"/>
SOURCE Quest Diagnostics Incorporated
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Quest Diagnostics Introduces ClariSure(TM) Test for Identifying Chromosome Abnormalities Associated With 85 Developmental Disorders in Children
2. VioQuest Pharmaceuticals Completes Enrollment of Phase I Trial of Lenocta(TM)
3. Two Point of Care Tests From Quest Diagnostics Receive FDA 510(k) Clearance
4. Video: Quest Diagnostics Health Trends(TM) Report Shows Significant Gap in Care for Patients With Chronic Kidney Disease
5. VioQuest Pharmaceuticals Announces Dosing of First Patient in Phase IIa Solid Tumor Study for Lenocta(TM), a Novel Protein Tyrosine Phosphatase Inhibitor
6. Centocor and Janssen-Cilag Submit Applications Requesting Approval of Ustekinumab in the U.S. and Europe for Treatment of Moderate to Severe Plaque Psoriasis
7. U.S. Patent Office Rejects Key HIV/AIDS Drug Patents at PUBPAT Request: Government Finds Prior Art Submitted By PUBPAT Invalidates All of Gilead Sciences Claims
8. Portrait(R) Plasma - A New Non-Surgical Option for one of the Most Requested Aesthetic Treatment - Aging Eyes
9. CSL Behring Submits BLA Requesting Approval of C1-Esterase Inhibitor for the Treatment of Hereditary Angioedema
10. BRAVE-3 Questions Value of Abciximab in PCI for Heart Attack
11. ImQuest Publishes Results of Important Structure Activity Relationship Program on Dual Acting Pyrimidinediones
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... 2017  Zymo Research Corp., also known ... Inc., who designs, manufactures and distributes liquid ... teams Zymo Research,s DNA methylation detection and ... products with Hamilton,s high-throughput automation platforms. Zymo ... microbiomics and RNA isolation for use on ...
(Date:3/24/2017)... 24, 2017 ShangPharma, a leading ... cost-effective drug development and discovery services, technology, ... industry, announced today the intent for a ... be consolidating the Contract Research Organizations (CRO) ... ChemPartner. These entities include ChemPartner Shanghai, ChemPartner ...
(Date:3/24/2017)... A ReportsnReports.com report says, over the recent years, global ... sales of Adcetris and Kadcyla have been witnessing rapid growth after ... is driven by large number of ADC drugs in pipeline, rise ... ADCs. ... Tables and 94 Figures, 10 Major Company Profiles, spread across 154 ...
Breaking Medicine Technology:
(Date:3/24/2017)... ... ... Viewers who like to educate themselves on current issues and who enjoy ... societal issues tend to appreciate and love the "Informed" series, hosted by Rob Lowe. ... for causes around the world. , Running for charity has become a ...
(Date:3/24/2017)... ... March 24, 2017 , ... “Finding Christ ... #TruthwithGrace”: a devotional journal chronicling the writer’s path toward true communion with God. ... with God #TruthwithGrace” is the creation of published author Lea Michelle Johnson, a ...
(Date:3/24/2017)... , ... March 24, 2017 , ... “The Adventures of ... smart and silly dog who lives his life to the fullest, as God intended. ... published author Patti Holmgren, a mother and grandmother pursuing her passion for writing, especially ...
(Date:3/23/2017)... Alexandria, Virginia (PRWEB) , ... March 23, 2017 ... ... quality public health services to their communities, 16 more public health departments have ... This week’s decisions bring another 4.5 million people into the expanding network of ...
(Date:3/23/2017)... ... March 23, 2017 , ... The MBI “Hall of Fame” recognizes the contributions of those ... a significant impact on the careers of all others involved. , On Monday, ... into the MBI’s Hall of Fame. The induction took place during the World of ...
Breaking Medicine News(10 mins):