CLEVELAND, Ohio - Quest Diagnostics today finalized its acquisition of Cleveland Clinic spinoff Cleveland HeartLab.
Cleveland HeartLab, a cardiovascular diagnostic testing company, has proprietary tests that use biomarkers to predict cardiovascular disease. With the deal, Quest, a New Jersey-based medical testing laboratory with locations around the world, adds those diagnostic tests, and others, to its offerings.
The deal first was announced in October and was an all-cash $94-million transaction, according to Quest's most recent quarterly report.
Quest plans to establish a "national center of excellence" in cardiometabolic disorders designed to find hidden risks of heart disease at the 25,000-square-foot Cleveland HeartLab location.
Quest also will form a strategic collaboration with the Clinic on diagnostic services. Under that partnership, Quest will be able to develop tests based off of research on biomarkers completed by the Lerner Research Institute and other parts of the Clinic. The two companies will collaborate on trials.
"Joining together with Cleveland HeartLab will expand access to cardiometabolic diagnostic innovations that can help patients identify their personal risk and achieve the best possible health outcomes. It supports our strategy to accelerate growth while also helping more patients gain the insights they need to lead healthier lives," Steve Rusckowski, chairman, president and CEO of Quest, said in a news release.
The Clinic launched Cleveland HeartLab in 2009 through Cleveland Clinic Innovations, which has spun off nearly 80 companies since its formation in 2000.
The Cleveland HeartLab deal is the latest in a buying spree Quest has been on in 2017. The acquisition is Quest's fifth since May.
In July, Quest purchased Med Fusion and Clear Point, laboratory businesses in Texas, and announced plans to turn their nearly 200,000-square-foot facility in Lewisville, Texas, into the company's first national center of excellence in precision diagnostics for oncology.