Quest Diagnostics and NewYork-Presbyterian Agree to Laboratory Services Transaction

Rhea-AI Summary

Quest Diagnostics (NYSE: DGX) and NewYork-Presbyterian announced a strategic agreement to enhance access to laboratory services in New York and the Tri-State Area. Under the agreement, Quest will acquire select assets of NewYork-Presbyterian's laboratory services, while the hospital will continue to operate its renowned labs, including anatomic pathology services. The transaction aims to leverage Quest's innovative clinical laboratory capabilities to improve patient care. Expected to close in Q2 2023, the deal is pending regulatory approvals, and financial details remain undisclosed.

Positive

• Strategic acquisition aimed at broadening access to lab services in New York and the Tri-State Area.
• Quest Diagnostics enhances its service offerings and market presence through this partnership.

Negative

• None.

Goal to serve NewYork-Presbyterian's providers and patients in the greater New York region and beyond

SECAUCUS, N.J. and NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, and NewYork-Presbyterian, one of the nation's largest and most comprehensive academic medical centers, today announced a strategic agreement designed to broaden access to quality, innovative laboratory services for the providers and patients of NewYork-Presbyterian primarily in New York as well as the Tri-State Area and beyond.

Under a definitive agreement, Quest will acquire select assets of the laboratory services business of NewYork-Presbyterian. NewYork-Presbyterian will still own and operate world-renowned hospital labs, including its anatomic pathology services, to continue providing high quality, complex clinical laboratory services with its academic partners.

"NewYork-Presbyterian and Quest share a belief that exceptional patient care should be accessible to all," said Steven J. Corwin, MD, President and CEO of NewYork-Presbyterian. "We determined that working with Quest would be the best path – allowing our patients wider access to advanced, quality laboratory services."

"NewYork-Presbyterian and Quest share much in common, including a keen focus on the patient, deep roots in New York and reputations nationwide and beyond for outstanding healthcare services," said Jim Davis, CEO and President, Quest Diagnostics. "We also both recognize the foundational role of laboratory medicine to healthcare. Our agreement with NewYork-Presbyterian is designed to leverage Quest's ability to deliver clinical laboratory services with outstanding innovation and quality." 

The parties expect to complete the transaction in the second quarter of 2023, pending customary regulatory approvals. Financial details of the transaction were not disclosed.

About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our nearly 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com.

About NewYork-Presbyterian
NewYork-Presbyterian is one of the nation's most comprehensive, integrated academic healthcare systems, encompassing 10 hospitals and campuses in  New York , nearly 200 primary and specialty care clinics and medical groups, and an array of telemedicine services. 

A leader in medical education, NewYork-Presbyterian Hospital is the only academic medical center in the nation with two world-class medical schools, Weill Cornell Medicine and Columbia University Vagelos College of Physicians and Surgeons. This collaboration means patients have access to the country's leading physicians, the full range of medical specialties, latest innovations in care, and research that is developing cures and saving lives.

Founded 250 years ago, NewYork-Presbyterian Hospital has a long legacy of medical breakthroughs and innovation, from the invention of the Pap test to pioneering the groundbreaking heart valve replacement procedure called TAVR.

NewYork-Presbyterian's 48,000 employees and affiliated physicians are dedicated to providing the highest quality, most compassionate care to New Yorkers and patients from across the country and around the world.  

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SOURCE Quest Diagnostics

FAQ

What is the strategic agreement between Quest Diagnostics and NewYork-Presbyterian?

Quest Diagnostics and NewYork-Presbyterian entered a strategic agreement for Quest to acquire select laboratory assets, enhancing access to quality lab services.

When is the Quest Diagnostics and NewYork-Presbyterian transaction expected to close?

The transaction is expected to close in the second quarter of 2023, pending regulatory approvals.

What assets will Quest Diagnostics acquire from NewYork-Presbyterian?

Quest Diagnostics will acquire select assets of NewYork-Presbyterian's laboratory services, while the hospital retains its core lab operations.

What are the implications of the Quest Diagnostics and NewYork-Presbyterian deal for patients?

The deal is designed to increase access to advanced, quality laboratory services for patients in the New York region.

Are there any financial details disclosed about the Quest Diagnostics acquisition?

No financial details of the transaction have been disclosed as of the announcement.