Madison-based Quest Diagnostics announced Tuesday it entered into a purchase agreement to acquire Novi, Mich.-based Summit Health. Financial terms of the transaction were not disclosed.
"Disease prevention and wellness programs are critical to better outcomes and lower costs. Together, our two companies will give employers, health plans and individuals greater access to a uniquely broad range of prevention and wellness services that use diagnostic insights to inform early intervention and preventive care and ultimately reduce healthcare costs," Quest president and CEO Steve Rusckowski, said.
The company plans to grow 1 to 2 percent a year through strategic acquisitions, Rusckowski said in a prepared statement.
"Summit Health and Quest share the same vision of empowering people to improve their health using diagnostic insights," Summit Health CEO Richard Penington said. "…Combining Summit's on-site excellence with Quest's expertise in quality clinical laboratory testing helps us to advance our vision of enabling preventive care, early intervention and good health."
The company expects to complete the acquisition in the first half of 2014.
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