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Quest completes $300M sale of business unit

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Madison-based Quest Diagnostics announced Tuesday it has completed the sale of its HemoCue diagnostic products business to Radiometer Medical ApS for approximately $300 million, plus adjustments for cash balances.

According to the announcement, HemoCue develops, produces and markets hemoglobin, glucose and other point-of-care testing systems worldwide.

In February, Quest announced it had agreed to sell HemoCue to Radiometer, with plans to use the proceeds to repurchase shares as part of a stock buyback program.

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