DGX - Quest closes on merger with Haystack Oncology deal worth up to $450M
2023-06-21 13:12:38 ET
Quest Diagnostics ( NYSE: DGX ) said it has closed on its planned acquisition of liquid biopsy technology provider Haystack Oncology, an all-cash deal that was valued at up to $450M.
The diagnostics company said it plans to incorporate Haystack's minimal residual disease, or MRD, technology for the early detection of residual or recurring cancer into a new blood-based lab service. The service, which will focus on solid tumor cancers, is slated to launch in 2024, according to Quest.
Quest and Haystack announced the merger in April. Under the deal, Quest agreed to pay $300M in cash and up to $150M in additional payments if certain performance milestones are achieved.
More on Quest:
- FDA to more closely regulate lab-developed tests – WSJ
- Quest Diagnostics downgraded to neutral at BofA on lower FY 2023-25 estimates
- Quest to acquire cancer detection test maker Haystack in all cash deal
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Quest closes on merger with Haystack Oncology, deal worth up to $450M