NEW YORK (360Dx) – Quest Diagnostics today announced that it has signed a definitive agreement to acquire the assets of the clinical lab services business of Boyce and Bynum Pathology Laboratories (BBPL).
The relationship between Quest and BBPL, which is based in Columbia, Missouri and serves the Midwest, will result in a broader menu of clinical laboratory and anatomic pathology services throughout the region, according to a Quest statement. The relationship will also give patients access to an expanded network of service centers across the Midwest for greater convenience.
BBPL's anatomic pathology division, Boyce and Bynum Pathology Professional Services, and a long-term care division are not part of the transaction, but the anatomic pathology division will become the exclusive pathology provider for Quest clients in Missouri and a preferred pathology provider in the greater Midwest region. The professional services agreement will go into effect at the time the acquisition is completed, which is expected to be in the first quarter of 2019, subject to regulatory reviews.
Additional financial terms of the transaction were not disclosed.
"This relationship will extend our ability to provide the most innovative, cost-efficient services to patients and providers in the nation's heartland, deepening our presence in the region," said Steve Rusckowski, Quest chairman, president and CEO, in a statement. "It is consistent with our accelerate growth strategy, which includes delivering one to two percent in annual revenue through strategically aligned accretive acquisitions."