WASHINGTON (dpa-AFX) - Quest Diagnostics Inc. (DGX), the nation's leading provider of diagnostic information services, on Wednesday announced that it has completed its acquisition of Haystack Oncology.
The previously announced deal involved an upfront cash payment of $300 million at closing, along with potential milestone payments of up to $150 million.
Haystack Oncology is an early-stage oncology company that developed a revolutionary technology for detecting minimal residual disease or MRD in cancer patients.
Quest said it expects to incorporate this MRD technology into the development of new blood-based clinical lab services for solid tumor cancers available beginning in 2024.
J.P. Morgan Securities acted as the exclusive financial advisor to Quest, while Weil, Gotshal & Manges provided legal advisory services.
On the other side, Goldman Sachs & Co. served as the exclusive financial advisor and Goodwin Proctor acted as legal advisor to Haystack in the transaction.
Quest is currently trading at $138.88 up 0.6 percent or $0.84 in regular trading.
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