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Quest Acquires Cleveland HeartLab, Forms Strategic Collaboration with Cleveland Clinic

NEW YORK (360DX) – Quest Diagnostics announced today a definitive agreement to acquire Cleveland HeartLab from equity investors including Cleveland Clinic.

Quest plans to create its first national center of excellence in cardiometabolic disorders at the lab. It and Cleveland Clinic will collaborate strategically on the center's development, Quest said.

As a national center of excellence, Cleveland HeartLab will focus on diagnostic information services that aid in assessing risk and treatment protocols for heart disease. Cleveland Clinic will also collaborate with Quest on accelerating the conversion of emerging innovations into diagnostic services to aid the diagnosis and treatment of various diseases.

Specifically, Quest and Cleveland Clinic will create a steering committee of experts from both companies to evaluate biomarkers on inflammation and other areas of disease discovered by the Lerner Research Institute and other parts of Cleveland Clinic. Quest may then independently develop test services for the biomarkers. The two companies also intend to collaborate on trials to demonstrate the clinical and economic value of biomarkers.

Quest said it and Cleveland HeartLab will explore ways to expand Cleveland HeartLab's existing relationship with MDVIP, a network of nearly 1,000 primary care physicians focused on personalized, preventative care. Due to smaller patient practices, tools and technology, MDVIP-affiliated physicians have the time to focus on wellness and prevention. Quest and Cleveland HeartLab both provide specialized health and wellness services for primary care settings, as well.

"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," said Steve Rusckowski, Quest's chairman, president, and CEO. "Quest’s relationship with the top institutions also highlights progress with our accelerate growth strategy, which focuses in part of strategically aligned accretive acquisitions."

The equity transaction is expected to be completed in the fourth quarter of 2017. Additional financial terms were not disclosed.