As a result of the acquisition, Quest is expected to open a 25,000-square-foot National Center of Excellence in Cardiometabolic Disorders in Cleveland, which will be a specialized lab focused on assessing a treating heart disease.
Terms of the deal were not disclosed. The acquisition is expected to close before the end of the year.
The two companies also plan to create a Steering Committee comprised to evaluate biomarkers on inflammation and other areas of disease discovered by Cleveland Heartlab’s Lerner Research Institute. Quest Diagnostics may then independently develop test services for these biomarkers. The two entities also intend to collaborate on trials to demonstrate the clinical and economic value of these and other biomarkers.
"Heart disease kills more people than all cancers combined, yet it is also largely preventable if caught and treated early," Steve Rusckowski, CEO of Quest Diagnostics, said in a press release. “By combining the science of Cleveland Clinic with the innovation and reach of Quest Diagnostics and Cleveland HeartLab, we will provide new insights for empowering better health. Quest's relationships with these top institutions also highlights progress with our accelerate growth strategy, which focuses in part on strategically aligned, accretive acquisitions."